GS Blekos Marketcolour + Neurodiversity Communacopia Inditex Astra Axa Pennon 9 Sep 2026

GS Blekos - Marketcolour + Neurodiversity Communacopia Inditex Astra Axa Pennon 9 Sep 2026 Ioannis Blekos · Goldman Sachs · Equity Sales / Europe Wed 9 Sep 2026, 2:29am ET

US equities ended lower on Tuesday: SPX - 58bps to 7673 (*8/11 -ve, Healthcare -2.55%, Financials -1.43%*), NDX -12bps to 29507, RTY -52bps to 2960. *Momentum catching up in the US* (GSPRHIMO +7%, semis higher/software lower), actually sharply outperforming a more muted factor rotation in Europe even over 2 days (the EU high beta momentum basket up less than 3% over 2 days). *The main trend today in Europe* was the miners outperformance, with the sector still marching higher (GLEN +4%) pushed by fresh new highs in copper. *On the micro side, Novartis* closed down 10% on the back of another missed trial, dragging SMI down 1.6%.

*GS Event - Inclusion in Industry: Embracing Neurodiversity* + Webinar Option. 13th of Oct at 17.30- 19.30 UKT

*Interesting / Hyrox:* Latest round valued the company, founded in 2017, at EUR600mio. More than 1.4mn people took part in Hyrox races during 2025-26, according to the company, up from just 80,000 in 2022-23.

*Flow:* Hedge funds finishing as small net buyers, driven by tech and financials offset by supply in macro products. Asset Mgrs also finished better to buy driven by demand in tech vs smaller supply in materials.

*Communacopia – Webcasts + Company Takes:* Semis at our Tech conference: companies highlighted a strong AI spending environment with tight supply; Broadcom reaffirmed its recently-issued AI revenue targets of >100% growth in FY27/28; Qualcomm noted high confidence in its FY29 AI datacenter revenue target of $15bn, with Robotics as an incremental opportunity.

*Buybacks: **We finished the week with volumes tracking 1.4x vs 2025 YTD ADTV and 1.2x vs 2024 YTD ADTV*, driven primarily by concentrated flows in the Tech, Financials, and Health Care sectors. We project the Q3 blackout window to begin around September 15, when roughly 40% of the S&P 500 will enter their quiet periods.

*US Banks (BUY BAC, JPM, EVR, LCLN, PIPR, PJT):* The single biggest structural driver of revenue growth has been the expansion in the pool of tradable assets and the shift to financing those assets, vs. improved revenue margins. We expect these structural factors to drive further long-term growth from here, with more growth potential within investment banking and equities.

*Inditex:* Solid top line growth with 2Q cFX sales growth coming in at EUR11bn representing a year on year increase of +9.5% vs cons of +8.9% (GSe 9%). Ebit aprox 3% below cons however at EUR2.087bn

on lower margins driven by higher opex growth. Current trading in cFX 1st of Aug to 7th of Sept increased by 9%, lower end of the buyside bar range I reckon going into this.

*Astra (Buy / PT GBP16.3 / 35% Upside - Tozorakimab COPD data exceed our expectations):* We forecast non-risk-adjusted peak sales of c.$5.3bn for tozorakimab (vs. company-compiled consensus of $4.3bn) and a POS of 75%, arriving at risk-adjusted peak sales of c.$4.0bn. This compares to management's recently upgraded peak sales guidance for the asset, which was raised from $3-5bn to >$5bn during the 2Q26 earnings call.

*Axa (Buy / PT EUR48.50 / 10% Upside - Investor Day Preview):* We see the two areas of potential upside as: 1) additional capital deployment - where our 238% FY'27 Solvency II ratio will likely lead to questions around M&A / additional buybacks, and 2) AI / expense savings - where we assume a c.60bp underlying P&C expense ratio improvement which could leave some scope for upside surprise.

*Pennon (N / PT GBP5.69 / 25% Upside): *We see scope for the company to target a modestly higher 9%-10% nominal return on regulated equity over AMP 8 (versus the prior 7% real target): while underlying performance has deteriorated, inflation has acted as a partial offset.