GS Blekos Marketcolour + HF Update ECB Communacopia Schindler (dg) Europe Strategy Essity 7 Sep 2026

GS Blekos - Marketcolour + HF Update ECB Communacopia Schindler (dg) Europe Strategy Essity 7 Sep 2026 Ioannis Blekos · Goldman Sachs · Equity Sales / Europe Mon 7 Sep 2026, 2:38am ET

US Equities closed lower to end the week – SPX -38bps to 7718 (8/11 sectors -ve, SOX +3.37%, Comm Svs – 1.56%, Fins -1.19&, Tech + 45bps), NDX -29bps to 26506, DJIA -51bps to 53414. The release of OpenAI’s Astra model, lighter positioning, macro & several conferences make an interesting setup. Watch GS Communacopia + Technology Conference (Tue-Thu). In Europe, Semis (GSSBSEMI +3.1%) the session's standout outperformer (ASML NA +3.1%). Elsewhere Defense (GSSBDEFE -1.1%) gave back as the Ukraine peace optionality trade dominated.

*Communacopia + Technology Conference - agenda* + *webcasts* + *GIR previews* ..

*Interesting:* On HF, the discretionary community doesn’t have much risk on. Nets and L/S ratios are sub 10th percentile and Gross is well of the highs (27th percentile on 1 year lookback). As such there is room for re-risking. + Our Tech Long/Short Momentum pair (GSTMTMOM Index) has now seen a ~50% drawdown since the late-June highs. That’s even after Friday’s near-7% bounce.

*HF Update:* Fundamental LS managers up 0.6% (alpha: 0.7%). Alpha gains driven by asset selection, short crowdedness partially offset by losses from sector tilts. Global book was net bought driven by long buying outpacing short selling (2.5 to 1). Risk-on flows. All regions except DM Asia were net bought driven by Europe and EM Asia. Across sectors, 5/11 sectors were net bought led by Communication Services, Financials, and Info Tech. 2nd largest weekly net buying on record (since 2016) in communication services on the back of long buying and short covering.

*ECB (THU / 25bps hike):* Focus will be on the updated staff projections and Lagarde’s comments on the policy outlook; we think that Sep is the last hike of this tightening cycle given our forecast for below-trend