Broker Research: Sector, Macro and Strategy Notes

Goldman Sachs·2026-10-09Macro

USD/BRL: 4.70 in 3 months3mUSD/BRL: 4.75 in 6 months6mUSD/BRL: 4.80 in 12 months12m

Goldman Sachs·2026-10-09Sector

BHP.AXFMG.AXRIO.AX

Goldman Sachs·2026-10-09Macro

Goldman Sachs·2026-10-09Strategy

TOPIX EPS (GS top-down): 242 in FY26FY26TOPIX EPS (GS top-down): 267 in FY27FY27

Goldman Sachs·2026-10-09Macro

European EPS growth: 5% in 20272027

Goldman Sachs·2026-10-09Strategy

Goldman Sachs·2026-10-09Sector

AAPL DELLHPQ.US

Goldman Sachs·2026-10-09Strategy

CVE.USPRSHLS.USSTLD TLN

Goldman Sachs·2026-10-09Strategy

Taiwan·OverweightKorea·OverweightBrazil·OverweightSouth Africa·OverweightHungary·OverweightEM Tech Hardware·OverweightEM Banks·OverweightEM Capital Goods·OverweightEM Metals·Overweight

Goldman Sachs·2026-10-09Macro

Goldman Sachs·2026-10-09Strategy

Banks (SX7P)·OverweightBasic Resources (SXPP)·NeutralAutos and Parts (SXAP)·UnderweightFrance real GDP growth: 0.4% in 20262026France real GDP growth: 0.6% in 20272027

Goldman Sachs·2026-10-09Sector

7010.SREAND.AE

Goldman Sachs·2026-10-09Sector

300442.SZGDS.USVNET.US

Goldman Sachs·2026-10-09Macro

Goldman Sachs·2026-10-09Strategy

RBI policy repo rate: raised 25bp to 5.50%2026-10MSCI India EPS growth: 9% in CY26 (GS)2026MSCI India EPS growth: 13% in CY27 (GS)2027

Goldman Sachs·2026-10-08Sector

IGO.AXNEM.AXNST.AX

Goldman Sachs·2026-10-08Strategy

SKHYNIX SMSN2330.TWBrazil·OverweightSouth Africa·OverweightGreece·OverweightHungary·OverweightNorth Asia·Overweight

Goldman Sachs·2026-10-08Sector

CVI.USDINO.USMPC.USPARR.USPBF.USPSX.USVLO.USUS refining·Overweight

Goldman Sachs·2026-10-08Sector

000568.SZ000858.SZ600519.SH600809.SH

Goldman Sachs·2026-10-08Macro

Probability of Democratic Senate majority: prediction-market implied2026 midterms

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

Global FX Trader: The Credit Connection

GS Australian Bulks, Base Metals, Rare Earths, & Steels

GLOBAL RATES TRADER: Establishing a Foothold

Next generation TOPIX changes will increase the importance of the Japan AI thematic even further

Corporate Macroscope: A Macro Guide to the Micro Worl

EM WEEKLY FUND FLOWS MONITOR Foreign selling continues

Americas Technology: Hardware: C3Q26 PC market share review: Industry unit shipment declines 20% year-over-year

Energy, Utilities & Mining Pulse: Investors Asking: Where Do We See Positive Momentum on Q3 Earnings and Q4 Guidance?

MSCI EM flat w w as gains in LatAm offset losses in Korea Middle East; Brazil up 15% in USD, led by rate-sensitives, small-caps post First Round Elections; Navigating EM’s Concentration Conundrum

China: Largely stable tourism momentum during the National Day Golden Week

EUROPE WEEKLY KICKSTART: France 2027: Cheap, But Who Is Going to Buy?

GCC Telecom Services: Limited read-across from SpaceX’s US spectrum deal; regional operators appear well insulated

China Data Centers: Following the ROIC

The risks to CRE from higher rates

INDIA WEEKLY KICKSTART: NIFTY settled flat w w; Rate-sensi

Australian Gold, Lithium & Uranium Coverage

EM EQUITY STRATEGY EM Equities: Concentration Conundrum

Americas Energy: Oil-Refining: Refreshing Estimates Ahead of 3Q Results; Remain Constructive on Refining Outlook & Continue to See

China Consumer Staples: China Staples MAF Golden Week call series: Spirits F&B expert call: Weak spirits demand across pricing segment

US Election Monitor: October 8 Update