9 June 2025 | 9:10PM BST European Daily: UK—How Large is the Defence Dividend? (Moberly) UK—How Large is the Defence Dividend? The UK government has emphasised the growth upside from higher military spending, with the Prime Minister arguing this week that increased expenditure Sven Jari Stehn +44(20)7774-8061 | jari.stehn@gs.com Goldman Sachs International Filippo Taddei +44(20)7774-5458 | filippo.taddei@gs.com Goldman Sachs International Alexandre Stott +33(1)4212-1108 | alexandre.stott@gs.com Goldman Sach ...

9 June 2025 | 5:29PM EDT Global: GS Economic Indicators Update: Global Hard Data Show Resilience Please find an update of our proprietary global economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. Chart of the Week Exhibit 1: Global Hard Data Show Resilience as Soft Data Normalizes Our daily MAP surprise indices summarize the importance and strength (relative to consensus expectations) of economic indicators worldwide. Ac ...

9 June 2025 | 3:53PM EDT Americas Media TV Viewership Tracker: L3 through week ending June 8th, 2025 We refresh our Nielsen TV ratings tracker for our US Media coverage (DIS, CMCSA, PARA, WBD, FOXA) that includes traditional ACM (average commercial minute) prime time and total day ratings across broadcast and cable. This edition focuses on the C3 cable and broadcast ratings through week ending May 25th, 2025 (14 day delay), and L3 cable ratings through week ending June 8th, 2025. Prime time commercial ratin ...

9 June 2025 | 5:15PM EDT Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affil ...

TSMC (2330.TW/TSM) Risk/reward now skewed to the upside June 2025 Bruce Lu Goldman Sachs (Asia) L.L.C., Taiwan 886-2-2730-4185 bruce.lu@gs.com For Reg AC certification and other important disclosures, go to https://research.gs.com and https://www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 Improving sentiment with limited earnings downside Supply chain mismatch mitigated; AI order cut now seems less likely Limited earnings downside from here 70 118 322 585 923 1,287 69% 173% 82% 58% 200% 18 ...

9 June 2025 | 1:37PM HKT China: Export growth moderated in May on continued drop in US-bound exports Bottom line: China's trade growth moderated in May despite the substantial tariff rollback between the US and China, and came in below consensus expectations (exports: +4.8% yoy, imports: -3.4% yoy). The moderation in headline export growth reflects the continued fall in China's exports to the US with another 17% sequential decline after seasonal adjustment. The decline in imports appears widespread, consist ...

股票头⼨及关键⽔平 --- Eq Positioning and Key Levels Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 Eq Positioning and Key Levels 股票头⼨及关键⽔平 Please see below for a consolidated recap of the various GS positioning metrics. 请⻅下⽅⾼盛各类仓位指标的综合回顾。 Summary: 摘要： RTY. CTAs are still net short -$1.8bn of RTY. We estimate this cohort will buy ~$2.5bn over the next week here, and $5.2bn over the next month. 1. CTA Corner: Global estimates are rather benign across the board, with the exception of CTA ⻆：除 RTY 外，全球预估普遍较为温和。CTAs ...

9 June 2025 | 4:57AM EDT n China freight flows (week ending Thursday, June 5) finally showed a sequential uptick in laden vessels from China to the US (+9%), with still steep but a bit less of a YOY decline (-25% vs -31%). The YOY declines, however, still show that if the consumer remains resilient – we would likely need more goods at some point in 2H25. o Port Optimizer sequentials tend to support the notion that China should continue to show sequential upticks in aggregate over the next two weeks as the e ...

10 June 2025 | 7:14AM HKT China Online Travel Agencies JD's reported entry into travel booking industry. Analysis on economics and potential impact on OTAs Media (news link) reported that JD is expanding into the travel and hospitality booking industry by providing its users competitive pricing on airfares and hotel room bookings. Highlighting its commitment, the company is reportedly beefing up its business development team by recruiting staff/talent from other OTAs with as much as 2-3x more salaries. We n ...

10 June 2025 | 12:24AM BST Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Christian Mueller-Glissmann, CFA GOAL Kickstart US exceptionalism - fundamental shifts and technical headwinds from Section 899 Last week both US Manufacturing and Services ISM came in below consensus, while NFPs growth slightly beat consensus (but still points to slowing US growth) and the unemployment rate remained flat. Key economic data releases this week will be US CPI and UofM reports. The ...