Market Pulse

Goldman Sachs Asset Management maintains a constructive outlook on global growth and equities, focusing on US resilience and AI-driven opportunities in Emerging Markets.

Key Takeaways

• 1.The US economy remains resilient with a 2.3% growth forecast for 2026, supported by AI capex and productivity gains despite energy price headwinds.
• 2.Equities are expected to look past Middle East geopolitical tensions and focus on future earnings, with a preference for dividend strategies during volatility.
• 3.Emerging Markets, particularly in North Asia, are central to the AI buildout, with AI-related demand forecast to drive 70% of EM EPS growth in 2026.

Table of Contents

• Macro Views
• Market Views
• Asset Class Forecasts
• Emerging Opportunities
• Commodity Crosscurrents
• Rising Earnings Expectations
• Long-Term AI Exposure
• IMPORTANT INFORMATION
• General Disclosures

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