GS Blekos CPI Preview AI & Inflation BCP (up) BNP Industrials Barometers LSE CTP US Digital Ads Preview

GS Blekos - CPI Preview / AI & Inflation / BCP (up) / BNP / Industrials Barometers / LSE / CTP / US Digital Ads Preview 14 Oct 2026 Ioannis Blekos · Goldman Sachs · FICC & Equities 14 Oct 2026

US Daily: September CPI Preview We expect a 0.24% increase in September core CPI (vs. +0.2% consensus), corresponding to a year-over-year rate of +2.4

US Daily: September CPI Preview

| • | We expect a 0.24% increase in September core CPI (vs. +0.2% consensus), corresponding to a year- over-year rate of +2.46% (vs. +2.5% consensus). We expect a 0.59% increase in headline CPI (vs. +0.6% consensus), reflecting higher energy prices. Our forecast is consistent with a slightly smaller 0.20% increase in core PCE in September. |

US ECONOMICS ANALYST - The Impact of AI Demand on Inflation

| • | In total, we estimate that AI price pressures are currently boosting core PCE inflation by about 45bp, of which about half reflects a genuine impact rather than mismeasurement, and we expect this to peak at 50bp by end-2026 before declining to 10bp by end-2027. Our estimate of the impact on headline PCE inflation is about 5-10bp higher over that time horizon. | | • | We expect the impact to decline next year mainly because our sector analysts expect memory and computer prices to grow at a significantly slower pace, which should reduce both genuine cost pressures and the impact of mismeasurement in the software and accessories category. |

Banco Comercial Portugues (BCP.LS) - Recent underperformance creates an attractive entry point to a structurally higher-return franchise, Upgrade to Buy

| • | We upgrade BCP to Buy (from Neutral) following recent underperformance, as we believe current valuation levels create an attractive entry point with BCP expected to deliver above-sector-average EPS growth and ROTE. This, in our view, is supported by solid growth in lending volumes and reduction in legal risk provisions related to CHF mortgages, in turn driving higher profitability and capital distribution. | | • | We see scope for further consensus upgrades over the medium term which should drive the share price higher, with our net profit estimates c.5% higher than Visible Alpha Consensus Data over 2027-28E. |

BNP Paribas (BNPP.PA) - Q3'26 Preview

| • | We update our estimates for BNP ahead of Q3'26 results on 28th October. At a Group level, we model net profit (pre-AT1) of c.€3.4bn for the quarter (3% ahead of Visible Alpha Consensus Data), driven by top-line outperformance (c.€350mn/3% above consensus, primarily from the CIB, as well as Retail), offset in part by an uptick in our tax charge assumptions (c.€200mn above consensus, as we model a c.30%

effective tax rate due to an exceptional item, as guided by BNP), while our operating expenses and provision estimates are broadly in line with the street. |

EUROPE MULTI-INDUSTRY - Barometers - 3Q26 preview

| • | We highlight the following 3Q trends: (1) Our Global Barometer has moved sideways but remains above historical median levels. Our Regional Barometers are giving varied signals, with the US tracking above median levels, China falling below median levels and Europe, while it has improved, is trending below median levels; (2) By end market, we see mixed signals, with the most notable upward moves in Electrical Equipment (Buy Prysmian, Nexans, Siemens, Rexel) and Marine (Buy Wartsila). There were also small improvements in general industrial, construction, tech and trucks. In contrast, we saw deterioration in Rail (Sell Alstom), A&D and Autos (Sell Sandvik, SKF), and consumer remains very weak. |

London Stock Exchange Group (LSEG.L): Confirmation of discussions to acquire Octus

CTP N.V. (CTPNV.AS): Announces €100mn share buyback programme

AMERICAS TECHNOLOGY: INTERNET - US Digital Ad Q3'26 Preview: Analyzing the Industry Debates & Framing the Operating Environment

| • | Beyond the near-term advertising environment, investor debates around Alphabet and Meta (the two largest names in this industry sub-sector) remain anchored around AI driven capex and capital intensity, potential funding needs, and each company’s positioning/participation across the consumer agent landscape. We continue to see both companies as having a right…