Global Equities Call

Global markets are under pressure from US-Iran tensions and high yields, while investors focus on pivotal Nvidia earnings and retail prints. Despite new highs, the market faces narrowing breadth and overextended momentum in AI-related themes.

Key Takeaways

• 1.Global equities are retreating as geopolitical tensions (US/Iran) and rising bond yields/oil prices weigh on market sentiment.
• 2.The AI trade remains the primary driver of the S&P 500, accounting for 85% of index returns YTD, though market breadth is narrowing.
• 3.Systematic re-risking (CTA/vol control) is largely maxed out, creating a risk of sizeable supply if the market breaks lower.

Table of Contents

• GS Week Ahead
• Consumer Check In
• US WEEKLY KICKSTART: AI, Momentum, and the One Big Trade
• Global Market Views: Shortages
• STANDOUTS FROM LAST WEEK
• GS Prime Updates
• Flows
• Chart of the day
• GS RATING AND CONVICTION LIST CHANGES

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