Goldman Sachs
June 4, 2026
Macro at a Glance: Latest Views and Forecasts
Weekly UpdateEquitiesCommoditiesRates Govt BondsEnergyMaterials
Goldman Sachs maintains a cautious global growth outlook for 2026 due to energy price pressures from the Iran war, despite raising targets for European and Asian equities based on earnings resilience.
Key Takeaways
- 1.The Iran war remains the primary macro risk, with supply disruptions through the Strait of Hormuz threatening global growth and energy prices.
- 2.Equity targets for Europe and Asia have been revised upward due to earnings resilience, despite slowing global growth expectations.
- 3.Copper price forecasts were significantly increased for 2026/2027 as the market is expected to tighten more than previously projected.
Table of Contents
- Watching
- Growth
- Forecasts
- More from TOP of MIND
- Disclosure Appendix
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Authors
Allison NathanJenny GrimbergAshley Rhodes
Securities
SXXPTPXHGS&P 100
Themes
Impact of Geopolitical Conflict on Energy MarketsEquity Earnings Resilience vs. Economic DecelerationCommodity Supercycle and Market Tightening
Regions
GlobalEuropeAsia PacificUnited StatesChinaJapan