Asia Pacific Weekly Kickstart MXAPJ gained 2 , led by China HK and India

Portfolio Strategy Research 1 August 2026 | 7:36AM SGT

MXAPJ gained 2%, led by China/HK and India; Korea ended down 1% for the week despite Friday’s 18% rebound, supported by US$5.2bn of foreign inflows on the day

MXAPJ rose 2.3%, led by China offshore (+4%), India (+3%), Charts of the Week Timothy Moe, CFA | and Australia (+2%), while Thailand, China A, and Philippines Korea Leveraged ETFs & Margins: Korea leveraged ETF Goldman Sachs (Singapore) Pte

lagged (-1% each). Software & Services and Internet/Media AUM has fallen from a peak of US$53bn to US$24bn, Alvin So, CFA | outperformed Capital Goods and Energy. EM Asia ex-China reducing leveraged exposure to 1.9% of market free float. Goldman Sachs (Asia) L.L.C.

saw US$1.4bn of weekly FII outflows, driven by Taiwan Investors added exposure again, particularly domestic John Kwon | (-US$2.6bn) and partly offset by Korea (+US$0.5bn). Brent investors, after outflows over the prior one to two weeks. Goldman Sachs (Singapore) Pte crude retreated 8% to below US$90/bbl. In the US, the Potential LETF daily rebalancing flows have roughly halved Kinger Lau, CFA FOMC left rates unchanged, with three dissenters favoring a from their peak, but the impact remains meaningful. | Goldman Sachs (Asia) L.L.C. hike; Chair Warsh’s comments were interpreted as dovish Margin loans have declined only 14% from their recent Sunil Koul and provided no forward guidance, as expected. US Q2 GDP peak, while deposit balances have fallen by more than 20%, | Goldman Sachs International missed expectations, though composition was strong, while pushing the margin loan-to-deposit balance ratio higher. Bruce Kirk, CFA Core PCE was below expectations. In China, the July | Goldman Sachs Japan Co., Ltd. July Performance Recap: After a strong 1H, MXAPJ Politburo meeting strengthened easing rhetoric as expected, Amorita Goel, CFA corrected moderately in July, driven mainly by Tech and | while July PMIs pointed to slower activity across Goldman Sachs (Singapore) Pte Industrials sell-offs, with sharp rotation and performance manufacturing, services, and construction. In Korea, the divergence. Korea and Taiwan saw heavy foreign outflows, government plans to cap individual investors’ exposure to totaling US$57bn since late June, while South Asia single-stock LETFs at 20% of portfolios to curb market attracted US$3bn of inflows. Hedge funds have also turned volatility, while higher minimum cash deposit requirements more risk-off across North Asia. took effect on July 31. Korea’s June IP beat expectations. Taiwan Q2 GDP surprised to the upside on strong Higher Dispersion: Increased volatility, higher return investment, while MAS surprised with a preemptive hike. Key dispersion, and lower correlations suggest a more upcoming data/events are summarized within. micro-driven market, with stronger alpha opportunities in China, Australia, Taiwan, and Singapore.

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Goldman Sachs Asia-Pacific Weekly Kickstart

MXAPJ 2Q26 Earnings Summary: 45% beats vs. 23% misses and a median surprise of +3.7%.