Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-08-21Sector

AWI.USCSL.USUS non-residential construction·Neutral

Goldman Sachs·2026-08-21Macro

University of Michigan consumer sentiment: University of MichiganAug-2026

Goldman Sachs·2026-08-21Strategy

Brazil·Underweight

Goldman Sachs·2026-08-20Sector

CFR.SWUHR.SWLuxury watches·Neutral

Goldman Sachs·2026-08-20Sector

China consumer staples·OverweightValue retail·Overweight

Goldman Sachs·2026-08-20Macro

Refining margins·Overweight

Goldman Sachs·2026-08-20Macro

IG private placements·Neutral

Goldman Sachs·2026-08-20Strategy

AMZN MSFT SNOW SPCX STXHedge fund crowded longs·Underweight

Goldman Sachs·2026-08-20Sector

European multi-industry·NeutralTrucks·Overweight

Goldman Sachs·2026-08-20Sector

US power·OverweightRenewables·Neutral

Goldman Sachs·2026-08-19Strategy

US equities·Neutral

Goldman Sachs·2026-08-19Macro

AI·Neutral

Goldman Sachs·2026-08-19Sector

SMIC HHGRACE688012.SH688256.SHGreater China semis·Overweight

Goldman Sachs·2026-08-19Sector

600519.SHChina spirits·Neutral

Goldman Sachs·2026-08-19Macro

Indonesia·Neutral

Goldman Sachs·2026-08-19Macro

US rates·Neutral

Goldman Sachs·2026-08-18Sector

BYD9863.HKChina NEVs·Neutral

Goldman Sachs·2026-08-18Sector

China factory automation·Overweight

Goldman Sachs·2026-08-18Thematic

SPCXSpace economy·Overweight

Goldman Sachs·2026-08-18Macro

CNY·Neutral

Research: Broker notes on sectors, macro, rates and strategy

AMERICAS CONSTRUCTION: BUILDING PRODUCTS: Non-Residential Construction: Data Centers and Institutional Projects Support Growth in DMI while Billings Deteriorate

G10 Consumer Dashboard: July 2026: Spending Starts to Slow

WEEKLY FUND FLOWS: Brazil Outflows into the Election Window

Europe Branded Consumer Goods: Luxury Goods: Watches round-up July 2026: Swiss Watch Exports +9.6% y y; latest industry news wrap

CHINA CONSUMER STAPLES: MOC announced policy guideline to support county level consumption; High-level implications for our value retailer coverage with deep low-tier penetration

Oil Analyst: Running Hard or Hardly Running,Effect of Refinery Outages on Runs and Margins

Global Credit Trader: IG Private Placements—No Longer Niche

Hedge Fund Trend Monitor: Down but not out

EUROPE MULTI-INDUSTRY: What Global Capacity Utilization and Leasing Data tell us about Multi-Industry

AMERICAS UTILITIES: POWER Levelized Cost of Energy Update: Costs Rising Across Resource Types, but Solar Wind Remain Attractive

Mutual Fundamentals: Rebalancing act

Global Economics Comment: Is AI Impacting Global Labor Markets?

Greater China Semis: Jul: IC import export value +71.1% +116.6% YoY

China Spirits Tracker: Feitian Non-standard wholesale prices supported by paced supply with lean channel inventory; Upper mid end spirits 2Q

ASIA IN FOCUS Indonesia: Can centralizing commodity exports plug the revenue and BOP gaps?

TOPof MIND: ASSESSING A LESS TRANSPARENT FED

China New Energy Vehicle Weekly Chartbook: 2026 Week 33-Weekly order +2% wow, Leapmotor BYD +22% +13% wow on new models

China Industrial Indicators: July industrial indicators softened, sector divergence remains

The Second Space Age: How Markets, Technology, and Power Are Reshaping the Final Frontier

China: SAFE data suggest modest FX inflows in July