GS REGIONAL WRAP

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GS REGIONAL WRAP | 13 AUGUST 2026 WHAT DROVE MARKETS? Asia closed mixed Thursday, with an in-line US CPI print providing a constructive macro backdrop that lifted most of the region but failed to rescue every market. Korea was the standout, surging into a technical bull market on a chipmaker-driven AI revival, while India bucked the regional tone for a third straight day of losses as elevated oil prices clouded the outlook. Japan, Taiwan, and China edged higher; Hong Kong eked out a marginal gain despite Tencent's post-results selloff dragging the broader index, with HSTECH holding up better. Australia and ASEAN lagged, with Indonesia the weakest on index rebalancing outflows. Metals, energy, and materials were broadly sold across markets, while technology and semiconductors dominated in North Asia and realty and consumer staples offered isolated resilience. Stock-specific drivers dominated: Korea semis and electronics surged on AI optimism, Tencent's capex-heavy results weighed on Hong Kong tech, a Lenovo blowout lifted the hardware complex, WuXi names extended their post-DoD injunction re-rating for a fifth session, China rotated into domestic AI infrastructure and semiconductor names, a takeover bid drove a sharp surge in an Australian waste management name, Indian telecom rallied on tariff restructuring, and ASEAN saw forced selling in Indonesia and the Philippines on MSCI rebalancing.

Source: BBG Terminal, as of 13 Aug 2026. Past performance is not indicative of future results.

APAC EQUITY RATING CHANGES, PAST 24 HOURS Stock Change Change date Wharf REIC 1997 HK Upgrade to Neutral 12 Aug Softbank Corp 9434 JT Upgrade to Buy 12 Aug

REGIONAL WRAPS Australia: ASX -0.23% extended Wednesday's losses as weakness in resources, financials, and consumer shares outweighed pockets of strength elsewhere. In sectors, Utilities and Info Tech were the standout performers, while Communication Services , Materials, and Energy were the heaviest drags; the latter two weighed by softness in commodity-linked names. Financials also came under pressure as Aus banks revealed the extent of depressed housing market sentiment, with mortgage applications slumping at least 12% at CBA, Westpac, and ANZ following the government's May budget changes to property investor tax breaks. On the individual stock front, CWY surged ~16% (biggest single-day gain in 6Y) on a A$4.9 billion takeover offer from EQT Infrastructure, while ASX Ltd rallied ~11% after reporting fiscal 2026 underlying EPS and revenue growth, despite net income coming in slightly below consensus. On