Goldman Sachs(US:GS) Goldman Sachs·2026-01-13 02:11Investment Rating - The report maintains a modestly pro-risk stance for 2026, recommending an overweight (OW) position in equities and underweight (UW) in credit [6]. Core Insights - The macroeconomic environment has shown positive surprises, with growth being the primary driver of risk appetite in 2026 [4]. - The Risk Appetite Indicator (RAI) has reached its highest level since early 2025, indicating strong market sentiment [2]. - Growth repricing has been broad across regions and asset classes, with equities outperforming bonds and cyclicals outperforming defensives [3]. Summary by Sections Economic Outlook - Since the beginning of 2026, macroeconomic indicators have generally exceeded expectations, with the US unemployment rate dropping to 4.4% and positive manufacturing data from Germany [1]. Market Sentiment - The RAI has accelerated above 0.9, marking the 96th percentile since 1991, suggesting that while small corrections may occur, strong equity returns can persist in a supportive macro backdrop [2]. Asset Performance - Certain assets, such as silver, have experienced their best start-of-year performance in decades, with the Russell 2000 showing the largest historical outperformance against the Nasdaq composite [5]. Asset Allocation Recommendations - The report suggests an overweight position in equities, particularly in APAC ex-Japan and emerging markets, while recommending underweight positions in credit and commodities like copper [6][23].