Report published September 30, 2026

The 720: China Commodities, AU Strategy & Macro, Japan MLCCs, Asia CDMO, Nidec, China Easing, US Election Monitor – Goldman Sachs Research

Goldman Sachs · September 30, 2026

Goldman Sachs' daily research digest highlights a positive stance on copper alongside downgrades across Chinese coal producers due to rapid supply restoration. It also analyzes Australia's post-RBA hike strategy, China's targeted monetary/fiscal easing, the TDK-Taiyo Yuden MLCC alliance, and midterms election dynamics.

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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.

Key Takeaways

1.GS turns more positive on copper due to domestic scrap supply constraints, but turns negative on Chinese coal as state-owned production ramps up, lowering 2027 benchmark thermal coal price forecasts to Rmb750/t.
2.Following the RBA's rate hike to a 15-year high, GS expects policy to remain on hold until gradual easing starts in 2H2027, recommending positioning in rate-sensitive laggards trading at >10% discounts to historical multiples.
3.China's newly announced targeted easing measures, including a 25bp cut to the PSL rate to 1.5% and a 1pp mortgage interest subsidy, are viewed primarily as policy signals with modest near-term economic growth impact.

In Focus | China Commodities
Listen Up – GS Webcasts on the Agenda
Australia Strategy & Macro | Post RBA Hike
China Macro | Targeted easing
Healthcare | GS Asia Healthcare CDMO Day
Themes in Play | Japan MLCCs, Hengrui Medicine, Australia Consumer, Bud APAC
Results Previews | Taiwan ODMs, Haitian F&F
Event | Nidec
GS Event | Breville, Brazilian Rare Earth
Around the world | US Election monitor
Graphic language | Australia Strategy
Asia Market Intelligence

Report data

Graphic language | Australia Strategy - we expect higher funding costs to become a more material earnings drag in FY27

Metric	Estimate	Context
China 2027 benchmark thermal coal price forecast	750 Rmb/t	Forecast lowered due to expected Shanxi state-owned supply swings easing tight markets.
ASX 200 de-rating	7%	Index de-rating since the RBA commenced rate hikes.
Pledged Supplementary Lending (PSL) rate cut	25 bps	Targeted monetary easing cut PSL rate to 1.5%.
Hengrui / Novo HRS-1596 licensing upfront payment	300 USD mn	Upfront consideration for ex-China rights to oral GLP-1/GIP peptide HRS-1596.
US Senate Democratic majority implied probability	60%	Prediction market odds for Democratic Senate majority.