Equity Research
Friday’s jobs report confirms that the US economy is near stall speed. We expect the FOMC to deliver three consecutive 25bp cuts starting in September; a 50bp move is possible if the unemployment rate climbs further in the next report. In contrast, we have lifted our growth forecasts for the Euro area and Japan following relatively benign trade deals, and now think the ECB is done cutting rates. Shrinking rate differentials reinforce our call for further dollar depreciation.
Our Estimate of Underlying Job Growth Has Plummeted
Source: Goldman Sachs Global Investment Research
4 Aug 2025 | 10:30pm| 10pg| Research | Economics-Jan Hatzius
During August we provide a data-only GOAL Kickstart. Pricing as of August 1st close.
5 Aug 2025 | 1:03am| 29pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
Key stock takeaways: We expect investors to focus on commentary on potential for growth in 2026, plus China exposure. We expect upside to the quarter and guidance given positive peer reports. We think investor positionin...
5 Aug 2025 | 5:15am| 7pg| Research | Equity-James Schneider, Ph.D. and others
Both Xinyi Solar's 1H25 result (on Aug 1) and Flat's prelim 2Q25 result (on July 14) came in substantially below our expectation on lower recognized glass price (15% lower for Xinyi) and impairment loss from early cold repair (Rmb314mn for Xinyi). In this note, we revisit the key debates and refresh our industry/company forecasts. Since mid-April 2025, the share prices for our solar glass coverage have risen +13% on average (vs. +22% of our solar coverage and +8%/+14% of CSI300 and HSI), likely due to the rising expectation of supply cuts and price hikes in the context of Anti-Involution. However, we expect a deeper solar glass profitability downturn ahead in 2H25-2026.
Also see:
China Solar: Key Q&As on Anti-Involution (22 Jul)
Mengwen Wang
China Clean Tech | Shanghai
4 Aug 2025 | 10:43am| 11pg| Research | Equity-Mengwen Wang and others
MUFG (8306.T): Earnings Review: 1Q in line; support from improved bond yields, customer segment net business profits, credit cost reversals; raise estimates/TP; Buy
5 Aug 2025 | 12:23am| 10pg| Research | Equity-Makoto Kuroda and others
Elite Material (2383.TW): M9 qualified by key AI GPU customer; 3Q/4Q25 revenue will continue to deliver QoQ growth with no order cut from ASIC customers; Buy
4 Aug 2025 | 7:51am| 9pg| Research | Equity-Chao Wang and others
Marico (MRCO.BO): 1QFY26: Strong and broad based growth acceleration; Buy
5 Aug 2025 | 12:25am| 9pg| Research | Equity-Arnab Mitra and others
- Company HighlightsSouthern Co. (SO): Load growth in GA driving increase in capital plan to $76 bn supporting EPS growth rebase; stay Buy4 Aug 2025 | 8:06am| 7pg| Research | Equity-Carly Davenport and othersNovo Nordisk (NOVOb.CO): Bull/bear scenarios suggest upside risk although this could take time to realise4 Aug 2025 | 11:09am| 20pg| Research | Equity-James Quigley and othersAtlas Copco (ATCOa.ST): Reiterate Buy post 2Q25 results5 Aug 2025 | 4:43am| 21pg| Research | Equity-Daniela Costa and othersApple Inc. (AAPL): July 2025 App Store Spending accelerates to +13% yoy5 Aug 2025 | 12:15am| 8pg| Research | Equity-Michael Ng, CFA and othersColgate-Palmolive Co. (CL): A slight Q2 EPS beat as CL executes with resilience, but FY25 OSG guide lowered slightly given weaker category growth2 Aug 2025 | 2:45am| 16pg| Research | Equity-Bonnie Herzog and othersChurch & Dwight Co. (CHD): A Strong Q2 with better than expected OSG & margins - Guidance maintained but Q4 weighted - Reiterate Buy2 Aug 2025 | 6:37am| 13pg| Research | Equity-Bonnie Herzog and others
- Industry HighlightsAmericas Payment Technology: Fiserv SMB Index: relatively stable trends with continued mixshift towards nondiscretionary5 Aug 2025 | 1:13am| 7pg| Research | Equity-Will Nance and othersChina Property Weekly Wrap: Week 31 Wrap - Transactions remained stable while sentiment mildly softened5 Aug 2025 | 7:03am| 16pg| Research | Equity-Yi Wang, CFA and othersAustralia Gaming: Comparing social casino trends & LNW 2Q25 Preview4 Aug 2025 | 2:26pm| 9pg| Research | Equity-Annabel Li and othersAmericas Data Centers: Read-through to our coverage from recent hyperscaler earnings commentary4 Aug 2025 | 5:00pm| 8pg| Research | Equity-James Schneider, Ph.D. and othersAmericas Capital Markets: 2Q25 EPS Wrap-up: ARES, BEN, CBOE, TROW, and WT4 Aug 2025 | 8:51pm| 16pg| Research | Equity-Alexander Blostein, CFA and othersBrazil Protein: Marfrig & BRF: 2Q25 Preview + Learnings from Tyson's print5 Aug 2025 | 2:59am| 10pg| Research | Equity-Thiago Bortoluci and others
- PORTFOLIO STRATEGYUS Weekly Kickstart: What we've learned from the 2Q earnings season so far2 Aug 2025 | 4:37am| 28pg| Research | Portfolio Strategy-David J. Kostin and othersGlobal Weekly Kickstart: US earnings beat estimates while global markets down4 Aug 2025 | 10:39pm| 21pg| Research | Portfolio Strategy-Guillaume Jaisson and othersAsian Equity Perspectives: Favorable trajectory but risk of an air pocket1 Aug 2025 | 9:43pm| 12pg| Research | Portfolio Strategy-Timothy Moe, CFA and others
- OPTIONSOptimal Overwrites this week (04-Aug-25)4 Aug 2025 | 10:25pm| 17pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (3-Aug-2025)3 Aug 2025 | 8:50pm| 1pg| Research | Options-John MarshallTrade Close: Close Options Recommendation on META, LUV & AEP31 Jul 2025 | 10:05pm| 6pg| Research | Options-John Marshall and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Essity (ESSITYb.ST): Trough valuation but lacks catalysts; initiate at Neutral
4 Aug 2025 | 9:11am| 37pg| Research | Equity-Aron Adamski and others
I
APAC Conviction List - Directors' Cut: August Update - Adding Jardine Matheson & Namura Shipbuilding; Removing M&M, Kotobuki Spirits & Worley
3 Aug 2025 | 4:07pm| 33pg| Research | Equity-Michael Snaith and others
±CL
US Conviction List - Directors' Cut: August 2025 Update
1 Aug 2025 | 5:04pm| 18pg| Research | Equity-Steven Kron and others
±CL
European Conviction List - Directors' Cut: August 2025 Update
1 Aug 2025 | 12:17pm| 19pg| Research | Equity-Jessica Binder Graham, CFA and others
±CL
Latest research
Syndax Pharmaceuticals Inc. (SNDX): 2Q25 EPS: Revuforj launch on track, key revenue drivers still ahead
5 Aug 2025 | 10:37am| 8pg| Research | Equity-Corinne Johnson and others
Entel SA (ENTEL.SN): 2Q25 First Take: Mostly In-Line; Weaker Trends in Chile, Stronger in Peru
5 Aug 2025 | 10:30am| 7pg| Research | Equity-Vitor Tomita, CFA and others
IndusInd Bank (INBK.BO): MD & CEO Appointment brings leadership clarity; Focus to shift onto earnings recovery and predictability; Maintain Sell
5 Aug 2025 | 10:05am| 6pg| Research | Equity-Rahul Jain and others
Coterra Energy Inc. (CTRA): First Take: Slight EBITDA Beat vs Consensus; Focus on Revised Activity Outlook on the Call
5 Aug 2025 | 9:56am| 7pg| Research | Equity-Neil Mehta and others
Olo Inc. (OLO): 2Q25 EPS Update
5 Aug 2025 | 9:51am| 6pg| Research | Equity-Gabriela Borges, CFA and others
Agilon Health Inc. (AGL): 2Q First Take: Significant 2Q Pressures as CEO Departs; 2025 Outlook Removed
5 Aug 2025 | 9:49am| 8pg| Research | Equity-Jamie Perse, CFA and others
Diamondback Energy Inc. (FANG): First Take: 2Q25 FCF Beat; Focus on Continued Capital Efficiencies and Oil Macro Outlook
5 Aug 2025 | 9:48am| 7pg| Research | Equity-Neil Mehta and others
BioMarin Pharmaceutical Inc. (BMRN): A solid 2Q as catalysts start to emerge
5 Aug 2025 | 9:35am| 8pg| Research | Equity-Salveen Richter, CFA and others
Viper Energy Inc. (VNOM): First Take: 2Q25 EBITDA Beat; Focus on Pending STR Acquisition, Return of Capital, and Oil Activity Outlook
5 Aug 2025 | 9:34am| 7pg| Research | Equity-Neil Mehta and others
MercadoLibre Inc. (MELI): EBIT shy of expectations, but KPIs strong across the board; Buy
5 Aug 2025 | 9:09am| 9pg| Research | Equity-Irma Sgarz and others
EPS changes (10% or more, last 24 hrs)
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* Contains active ratings and coverage designation. Source: Goldman Sachs Research
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* Contains active ratings and coverage designation. Source: Goldman Sachs Research
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