March total social financing (TSF) flows and new RMB loans came in above market expectations, mainly due to strong expansion of short-term corporate loans. Government bond issuance remained faster than implied by seasonality. These signal a policy-mandated credit expansion in March, resembling the observed pattern this January. Fiscal deposits declined in March, likely due to spending from bond issuance proceeds for the debt swap program, which may have boosted M1 growth this month. However, the front-loade ...

13 April 2025 | 7:45PM HKT GC Tech: Apple supply chain tariff updates: Smartphone/ PC/ Server/ Semis exempted from US tariff On April 11, US Customs and Border Protection released further guidance on tariff exclusion (Announcement), indicating a range of electronics and semiconductor products that are excluded from the Reciprocal Tariff announced by US president Trump earlier (Read more in our report regarding the impact of Reciprocal tariff). The list of exemption includes smartphones, computers, servers, ...

USA: GS Economic Indicators Update (Rindels) 7 April 2025 | 1:52PM EDT Please find an update of our proprietary economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. The nominal GS US Financial Conditions Index tightened by 42.5bp to 99.95 over the last week, mostly due to lower equity prices, and the real GS US FCI tightened by 50.2bp to 99.62: Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec P ...

7 April 2025 | 8:15PM EDT Global: GS Economic Indicators Update: Reciprocal Tariffs Trigger a Sharp Tightening in Financial Conditions 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. Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@ ...

10 April 2025 | 5:02AM EDT Global Datacenters GS Datacenter supply/demand model update: Loosening earlier than expected; still tight by historical standards Since we introduced our first datacenter supply/demand model, the datacenter market has contended with the impact of multiple AI-related announcements, including the impact of DeepSeek on AI training (and datacenter power demand) and multiple supply announcements including Stargate's datacenter facilities. Our global technology team cut estimates for AI ...

11 April 2025 | 9:59PM BST GOAL: Global Opportunity Asset Locator Remain defensive tactically as markets reprice stagflation risks Christian Mueller-Glissmann, CFA +44(20)7774-1714 | christian.mueller- glissmann@gs.com Goldman Sachs International Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Alessandro Giglio +44(20)7051-6240 | alessandro.giglio@gs.com Goldman Sachs International Peter Oppenheimer +44(20)7552-5782 | Remain defensive tactically as markets reprice stagf ...

11 April 2025 | 7:12PM BST Global FX Trader Dollar Wreckoning Our Thoughts on USD, JPY, CNY, Flows, GBP, EM FX, AUD & CAD, and KRW n USD: Rates up, Dollar down? That's not exceptional. Last week, we revised our Dollar outlook as we flipped our view about how tariffs would impact the currency, and developments since then have raised our conviction in this view. Specifically, we think that the design and implementation of these tariffs should have a negative impact on the currency because they have contribute ...

11 April 2025 | 10:22PM BST Precious Comment: Upgrading Our Year-End Gold Price Forecast to $3,700/toz; Hedge Recession Risk With Gold Lina Thomas +44(20)7051-3062 | lina.thomas@gs.com Goldman Sachs International We Raise Our Forecast to $3,700/toz With a Projected Range of $3,650-3,950/toz On Stronger Central Bank Demand And the Boost From Increased Recession Risk to ETF Inflows Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a sing ...

US Sector Views 10 April 2025 | 5:30PM EDT Our sector model's updated recommendations are selectively defensive Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7 ...

Global Markets Comment: Too Early for the "All Clear" (Wilson/Chang) 10 April 2025 | 11:38AM EDT Too Early for the "All Clear" Yesterday's reversal on trade policy capped a dramatic week in markets. We have consistently argued that a reversal in the proposed tariffs was by far the most direct route to stabilizing markets. With signs of stress emerging in the US Treasury market emerging on Tuesday, that relief arguably prevented an acceleration in the market turmoil. Investors should consider this report as ...