Report published September 1, 2026
Goldman Sachs Asia-Pacific Portfolio Strategy: Asian Equity Market Daily Update
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Timothy Moe, CFA, Alvin So, CFA, Kinger Lau, CFA, Sunil Koul, John Kwon, Amorita Goel, CFA, Terry Chan
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
The MXAPJ Index gained 0.4% on September 1, 2026, bringing YTD USD price returns to 23.7%, supported primarily by outperformance in Korea and Taiwan and the Info Tech sector. Goldman Sachs maintains a 12-month MXAPJ target of 1120 (+25% upside).
Key Takeaways
- 1.The MXAPJ Index rose 0.4% on the day, with YTD USD price returns reaching 23.7%, driven largely by Korea (+91.2%) and Taiwan (+65.5%), while Indonesia, China, and India lagged.
- 2.Sectorally across Asia-Pacific ex-Japan, Info Tech (+78.1% YTD USD return) and Materials (+19.8%) have led 2026 gains, whereas Communication Services (-21.0%) and Consumer Discretionary (-13.0%) have lagged.
- 3.The MXAPJ equity/bond yield gap sits at approximately 440bp (-0.2 s.d.), pointing to mid-cycle equity valuations relative to bonds, while Asian equities continue to trade at a substantial valuation discount relative to the US and Europe.
Table of Contents
- Asian markets at a glance
- Market valuations
- Japan in a nutshell
- Performance and correlation heatmap
- Fund Flows and Liquidity
- Market breadth and baskets performance
- Macro environment and financial conditions
- Earnings revisions of regional markets and sectors
- Disclosure Appendix
Report data
Exhibit 1: The MXAPJ index has gained 23.7% YTD after gaining 27% in 2025, particularly led by Korea and Taiwan markets while dragged down by Indonesia, China, and India. Sectorally, Info Tech and Materials are leaders in 2026. — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Daily USD Price Return | 0.4%% | MXAPJ daily performance |
| 2026 YTD USD Price Return | 23.7%% | MXAPJ YTD performance |
| Current Level | 893 index points | MXAPJ current level in USD |
| 12M Price Target | 1120 index points | Goldman Sachs base case 12M target for MXAPJ |
| Forward P/E | 10.9 x | Current forward P/E for MXAPJ |
Reports in this series
Asia-Pacific Portfolio Strategy is shown in chronological order through this edition, published on September 1, 2026.
Part of the Asia-Pacific Portfolio Strategy series — view all 9 editions
Looking for the latest edition? Asia Pacific Portfolio Strategy Asian equity market daily update(91) (Sep 7, 2026)
- Aug 12Asia-Pacific Portfolio Strategy Asian equity market daily update(81)
- Aug 12Asia-Pacific Portfolio Strategy Asian equity market daily update(80)
- Aug 13Asia-Pacific Portfolio Strategy Asian equity market daily update(83)
- Aug 26Asia Pacific Portfolio Strategy Asian equity market daily update(89)
- Aug 27Asia Pacific Portfolio Strategy Asian equity market daily update(90)
- Aug 31Asia Pacific Portfolio Strategy Asian equity market daily update(8)
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Authors / Editors
Reported Data Context
- Daily USD Price Return: 0.4% % (2026-09-01) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- 2026 YTD USD Price Return: 23.7% % (2026 YTD as of 2026-09-01) · Source: Bloomberg, FactSet, MSCI, Goldman Sachs Global Investment Research
- Current Level: 893 index points (2026-09-01) · Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research
- 12M Price Target: 1120 index points (12-month forward) · Source: Goldman Sachs Global Investment Research
- Forward P/E: 10.9 x (2026-09-01) · Source: LSEG Data & Analytics, FactSet, MSCI, Goldman Sachs Global Investment Research
Securities
Themes
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