Global Weekly Kickstart Markets Rise Amid Volatile Rotation

Portfolio Strategy Research 3 August 2026 | 12:30PM BST

Markets Rise Amid Volatile Rotation

Global equities rebounded last week, led by Asia Pacific Momentum, rotation and the value in growth Guillaume Jaisson | (+2.5%), with China-H and Hong Kong gaining around 4% n Market leadership is broadening across regions, Goldman Sachs International (Exhibit 13). The AI trade remained volatile: despite a near sectors and factors, increasing the rewards to Peter Oppenheimer 20% rally on Friday, the KOSPI still finished the week down diversification after a prolonged period in which US | 1.4%, while Global Technology ended broadly unchanged equities, Technology and Growth dominated returns. Goldman Sachs International

(Exhibit 3). Meanwhile, Brent crude declined more than 8%, The US has lagged other major regions, while market Sharon Bell | providing relief for inflation-sensitive sectors (Exhibit 4). participation has widened beyond the largest stocks. Goldman Sachs International

n Earnings, rather than valuation expansion, have John Kwon | Macro data this week been the key driver of returns, reflecting a higher cost Goldman Sachs (Singapore) Pte US: Employment report and speaking engagements with Fed of capital amid persistent inflation, increased issuance Elena Porfidia officials, including events with Governors Cook and Bowman. and higher government debt. Earnings revisions have | continued to move higher, providing fundamental Goldman Sachs International Europe: Euro area, Germany, France, Italy, Spain, Sweden, support for equities. Jacinta Feng Switzerland, UK final composite, service, manufacturing PMI | (Jul); Sweden Flash Inflation (Jul); Germany Factory Orders n Technology has de-rated despite exceptionally Goldman Sachs International

and Industrial Production (Jun). strong earnings growth, as investors reassess the returns from the surge in AI-related capex. While Japan: June nominal wage. implied growth expectations have risen, they remain AEJ: July CPI and trade data across the region, RatingDog below dot-com era peaks, creating opportunities to PMIs in China, BOK minutes, Q2 GDP in Indonesia and find value within growth as alpha opportunities Philippines, a state election in Malaysia, and a central bank broaden. meeting in India. See more: Global Strategy Views: Momentum, rotation and the Pricing is as of the close of Friday, July 31. value in growth

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Goldman Sachs Global Weekly Kickstart

The week at a glance — Global markets and indices

Exhibit 1: Global market performance Exhibit 2: World equity indices MSCI Indices, 1-week price return (USD, %) USD, indexed price performance

Source: Datastream, Bloomberg, Goldman Sachs Global Investment Research Source: Datastream, STOXX, Goldman Sachs Global Investment Research

Exhibit 3: MSCI AC World sector performance Exhibit 4: Cross-asset performance MSCI Indices, 1-week price return (USD, %) MSCI Indices, 1-week price return (USD, %)

Source: Datastream, Bloomberg, Goldman Sachs Global Investment Research Source: Datastream, Bloomberg, Goldman Sachs Global Investment Research