Feedback, Flows and Catalysts

This report provides an overview of Goldman Sachs sector specialist views heading into the Q2 2026 earnings season. It highlights crowded positioning and tactical catalyst ideas across major sectors including Consumer, Industrials, TMT, and Financials.

Key Takeaways

• 1.Specialist sales desks report rotation and profit-taking in high-beta AI and tech momentum stocks following an strong 1H performance.
• 2.Earnings preview suggests mixed outlook for European industrials and financials, with focus on capital allocation and margin re-basing.
• 3.Investor sentiment is increasingly focused on the sustainability of jewellery category outperformance in the US and the impact of interest-rate sensitive names.

Table of Contents

• Crowded Positioning
• Global Banking & Markets Call
• GS Specialist Sales: Thoughts into 2Q Earnings
• CONSUMER
• FEEDBACK
• FLOW
• CATALYSTS
• CFR SE
• TECH
• TELCOS
• MEDIA
• SES: buy into FCC auction on 22 July
• C-Band back-of-the-envelope maths
• SESG FP
• Copper
• Iron ore and steel
• Aluminium and alumina
• Lithium
• Gold, silver and precious metals
• Uranium
• Energy and oils
• Power, gas services and utilities
• Critical minerals, China and macro
• GLEN into results
• GLEN LN
• ARGX
• NOVN
• BAYN
• SAN
• NOVO
• Demant
• Philips
• Lonza
• Sell Novartis into Q2 print (21st July)
• NOVN SE
• FINANCIALS
• Long BNP into Q2 on July 23rd
• BNP FP
• Business Services, Leisure, Transport, Construction
• TRANSPORT
• BUSINESS SERVICES
• BMATS
• LEISURE
• Long Sika through H1 results on 28 July
• SIKA SE
• INDUSTRIALS
• AIR FP

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial