GS Morning Market Update: Geopolitical Risks and Global Equity Volatility (July 28, 2026)

Key Takeaways

• 1.Oil markets face conflicting pressures from Persian Gulf de-escalation and ongoing Red Sea threats to Saudi infrastructure.
• 2.Korean equities face significant pressure from concerns over circular AI financing and Chinese memory supply, impacting local rates and FX.
• 3.The RBA is perceived as incrementally dovish following Governor Bullock's comments regarding housing and labor market easing.

Table of Contents

• COMMODITIES RESEARCH
• FX OPTIONS TRADING
• Korea Update
• GS Webcast Today
• GS FX MARKET STRATS
• AUD ECON

Report data

Oil Exports From the Persian Gulf Are at 41% of Pre-War Levels (7-Day Moving Average)

Reports in this series

GS Morning Market Update is shown in chronological order through this edition, published on July 28, 2026.

Part of the GS Morning Market Update series — view all 11 editions

1. Jul 7*GS MORNING 1) Adam Crook’s Weekend Mail – Equity Views
2. Jul 8GS MORNING: 1) FX Trader Call Details, 2) KRW Outperformance, 3) Tony P’s Latest , 4) RBNZ Recap and 5) Dom Wilson Webcast on Macro Vol
3. Jul 9GS MORNING: 1) Oil Tracker, 2) FX Trader Call Takeaways, 3) Cheap FX Convexity, 4) EURHUF Update and 5) CNH Update
4. Jul 14GS MORNING: 1) US Econ on CPI & Waller, 2) FX Gamma over CPI, 3) Natural Gas Tighter Than Crude Oil & 4) Rich Privorotsky’s Risk View