12 January 2026 | 10:19AM EST Economics Research Global: GS Economic Indicators Update: US Economic Data Surprises to the Upside 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. Source: Goldman Sachs Global Investment Research 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. L ...

Market Overview - Trading may be subdued on the first trading day of 2026, with early signs from U.S. Futures Index suggesting a positive opening for Wall Street [1] - Asian shares finished lower, while European shares are mostly trading up [1] - The dollar had a weak start to 2026, oil prices increased, and gold jumped nearly 1.5 percent [1] U.S. Futures and Major Averages - As of 7.30 am ET, Dow futures were up by 196.00 points, S&P 500 futures increased by 40.00 points, and Nasdaq 100 futures rose by 245.75 points [2] - On the previous trading day, major U.S. averages ended lower: Dow fell by 303.77 points (0.6 percent), Nasdaq decreased by 177.09 points (0.8 percent), and S&P 500 declined by 50.74 points (0.7 percent) [2] Economic Indicators - The PMI Manufacturing Final for December is expected to be released at 9.45 am ET, with a consensus of 51.8 [3] - Construction Spending for November is anticipated at 10.00 am ET, with a consensus of 0.0 percent, compared to an increase of 0.2 percent in October [3] - The Fed Balance Sheet for the week will be published at 4.30 pm ET, with the previous level at $6.581 trillion [3] Asian Market Performance - Asian stocks surged, although trading volumes were thin due to holidays in Japan, China, and New Zealand [4] - Hong Kong's Hang Seng index increased by 2.76 percent to 26,338.47, while the Kospi average climbed by 2.27 percent to 4,309.63 [4] - The Australian benchmark S&P/ASX 200 rose by 0.15 percent to 8,727.80, and the broader All Ordinaries index settled 0.20 percent higher at 9,036.60 [4] European Market Performance - European shares are trading mostly higher, with the CAC 40 Index of France up by 26.44 points (0.32 percent) [5] - The German DAX increased by 53.45 points (0.22 percent), and the U.K. FTSE 100 Index gained 42.62 points (0.43 percent) [5] - The Swiss Market Index added 26.89 points (0.20 percent), while the Euro Stoxx 50 Index rose by 34.15 points (0.59 percent) [5]

Market Performance - U.S. stocks experienced a positive trading session, with the Dow Jones index increasing by approximately 400 points, up 0.84% to 48,289.58, while the NASDAQ rose 1.53% to 23,040.25, and the S&P 500 gained 1.09% to 6,794.36 [1] - Consumer discretionary shares increased by 1.6%, while energy stocks fell by 0.8% [1] Company Earnings - Accenture reported first-quarter 2026 earnings of $3.94 per share, exceeding the analyst consensus estimate of $3.75, and sales of $18.700 billion, slightly above the consensus estimate of $18.523 billion [2] Commodity Prices - Oil prices rose by 1% to $56.48, while gold prices decreased by 0.2% to $4,364.50. Silver fell by 1.1% to $66.160, and copper increased by 0.1% to $5.4370 [5] European Market Performance - European shares showed gains, with the eurozone's STOXX 600 up 0.5%, Spain's IBEX 35 Index rising 0.7%, London's FTSE 100 gaining 0.1%, Germany's DAX 40 increasing by 0.5%, and France's CAC 40 up 0.4% [6] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei down 1.03%, Hong Kong's Hang Seng up 0.12%, China's Shanghai Composite rising 0.16%, and India's BSE Sensex falling 0.09% [7] Stock Movements - Athira Pharma Inc shares surged 88% to $7.76 following an agreement to acquire rights for lasofoxifene development. Sable Offshore Corp shares increased by 58% to $8.36, and FuelCell Energy Inc shares rose by 32% to $10.39 after reporting better-than-expected fourth-quarter results [9] - Conversely, Mega Fortune Co Ltd shares dropped 59% to $5.34, and Pyxis Oncology Inc shares fell 54% to $1.56 after announcing preliminary data from clinical studies. Actelis Networks Inc shares decreased by 45% to $0.60 following a public offering announcement [9]

🇺🇸 JUST IN: US inflation cooled to 2.7%, below market expectations. ...

Economic Indicators - The Consumer Price Index (CPI) for November is expected to increase by 0.3 percent, with the release scheduled for 8:30 am ET [3] - Jobless Claims for the week are anticipated to be 225K, down from 236K in the prior week [3] - The Philadelphia Fed Manufacturing Index for December is forecasted to rise by 2.2, following a decrease of 1.7 in November [3] - The third quarter Current Account deficit was $251.3 billion in the prior quarter [4] - E-Commerce Retail Sales for the third quarter showed a 1.4 percent increase in the previous quarter [4] - Leading Indicators for November are expected to be down 0.3 percent from the prior month [5] - The EIA's Natural Gas Report indicated a decrease of 177 bcf in gas stock in the prior week [5] Market Performance - Asian shares mostly finished lower, with the Shanghai Composite index up by 0.16 percent to 3,876.37 and Hong Kong's Hang Seng index slightly higher at 25,498.13 [5] - Japanese markets hit three-week lows, with the Nikkei average falling 1.03 percent to 49,001.50 and the broader Topix index down 0.37 percent to 3,356.89 [6] - European shares are trading mostly higher, with the CAC 40 Index up 17.23 points or 0.21 percent, the DAX gaining 62.05 points or 0.26 percent, and the FTSE 100 Index progressing 1.52 points or 0.02 percent [6][7] - The Swiss Market Index added 19.19 points or 0.15 percent, while the Euro Stoxx 50 Index increased by 22.41 points or 0.39 percent [7] Futures Market - As of 7:30 am ET, Dow futures were up 85.00 points, S&P 500 futures added 26.75 points, and Nasdaq 100 futures progressed 196.25 points [2]

U.S. retail sales decelerated this fall, the Census Bureau said Tuesday https://t.co/C1pqcvBoF6 ...

#数据中国11月官方制造业PMI为49.2，预期49.3，前值49.0；非制造业PMI为49.5，预期50.0，跌至荣枯线下方；综合PMI为49.7，前值50.0。 https://t.co/DDI79QM5Zv ...

Typically I'd bullpost the Black Friday sales figures, butA couple anecdotal Chicago economic indicators are flashing red- Christmas Tea at the Drake Hotel at 60% capacity on Black Friday- Walnut Room reservations wide open all weekendSmall sample size and hyper local, but not the best sign*Walter Bloomberg (@DeItaone):U.S. BLACK FRIDAY SALES HIT RECORD HIGHU.S. online Black Friday sales reached a record $11.8 billion, up 9.1% from last year, according to Adobe Analytics. Adobe expects Americans to spend $5 ...

We have ranked members of the OECD, a club of mostly rich countries, according to their closeness to Britain on ten chosen indicators.This is who comes out top: https://t.co/7ygkmZBW47 ...

Economic Overview - The recent government shutdown has created a significant data gap, complicating economic assessments and Federal Reserve decisions [1][2][10][11] - The return of government workers is expected to lead to a flood of economic data, which is crucial for market and policy analysis [2][12] Employment - The Bureau of Labor Statistics (BLS) monthly jobs report is a key indicator of the labor market and household earnings, essential for forecasting economic activity [3] - The August jobs report indicated job gains fell to 22,000, missing the consensus of 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [6] - The labor market's stability is under scrutiny, especially with rising unemployment risks highlighted by the Federal Reserve [6] Inflation - The Consumer Price Index (CPI) is a critical measure of price stability, with the latest report showing a year-over-year increase of 3.0%, driven by energy costs, while Core CPI also cooled to 3.0% [4][7] - The Federal Reserve's ability to make informed decisions is hindered by the lack of recent CPI data, particularly as inflation pressures may be easing [7][10] Retail Sales - Retail sales data is vital as consumer spending accounts for approximately 70% of the economy, with retail sales representing nearly one-third of that [5] - August retail sales exceeded expectations, rising 0.6% month-over-month, indicating underlying consumer momentum despite concerns over rising credit card debt and dwindling savings [7] Gross Domestic Product (GDP) - GDP is a key quarterly indicator of economic activity, with the second quarter showing a real GDP increase at an annual rate of 3.8%, surpassing the forecast of 3.3% [8][14] - The upcoming third-quarter GDP estimate will provide insights into economic momentum prior to the shutdown [14] Private Data Insights - Despite the shutdown, private data collection continued, suggesting a weak economic forecast, which may impact the interpretation of upcoming reports [9] Federal Reserve Policy - The Federal Reserve's recent decisions have been made without complete data, leading to a reactionary stance rather than a proactive approach [10][12] - The delay in data reporting increases the risk of policy errors as the Fed navigates a complex economic landscape [12]