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What’s Ahead for Global Economies and Markets in 2022?
Global economies and markets are facing a more complicated landscape amid rising rates, slowing growth and shifting monetary and fiscal policies. Goldman Sachs’ Jan Hatzius and Dominic Wilson examine what’s in store for 2022.
The Case for Investing in Emerging Markets Beyond China
Is there a case for dropping China from emerging market (EM) indices? We sat down with Goldman Sachs Research’s Timothy Moe and Sunil Koul to discuss the drivers behind the growing debate to invest in EMs, without China.
Indian Equities: Digital Transformation as Private Goes Public
The number of “unicorns” has surged in India in recent years, enabled by the rise of the internet ecosystem, availability of private capital and a favorable regulatory environment. Goldman Sachs Research expects the IPO pipeline to remain robust over the next 12-24 months, with market cap increasing from US$3.5tn currently to over US$5tn by 2024, making India the 5th largest market by capitalization.
Why Hedge Funds Are Turning to the Private Markets
Hedge funds are turning to the private markets, bringing increasing competition to the space. Goldman Sachs’ Kristin Kramer and Freddie Parker explain the shift in public and private market dynamics and the implications for investors.
What’s Behind the Record-Breaking IPO Market?
Global equity issuance is up substantially and on track to set new records in 2021. Goldman Sachs’ Elizabeth Reed explains why—and how—more companies are choosing to go public today.
Outlook for Global Growth: Less Synchronized, More Complicated
Goldman Sachs’ Chief Economist Jan Hatzius describes his outlook for global growth, Fed tapering, inflation and jobs.
How Are Investors Navigating China’s Regulatory Uncertainty?
Goldman Sachs’ Stephanie Hui, Basak Yavuz and Prakriti Sofat of the Asset Management Division describe the impact of China's heightened regulatory scrutiny on the capital markets and the implications for investors.
Widening the Aperture: Family Office Investment Insights
Our inaugural Goldman Sachs Family Office report draws from our firm’s first global survey of family office decision makers, in addition to our collective experience working with family offices.
Jefferies' CEO: World In a 'Dangerous Place' Right Now
As one of the longest-tenured CEOs on Wall Street, Jefferies Financial Group CEO Rich Handler has seen his share of market cycles, crises and technological changes. In a recent conversation with Katie Koch, co-head of Goldman Sachs Asset Management’s Fundamental Equity business, Handler shared his thoughts on the economy, capital markets activity and innovation across sectors.
Market Themes on the Minds of European Investors
Kene Ejikeme of Goldman Sachs Global Markets discusses the key themes European investors are watching—from the impact of fiscal policy on markets to the “reopening theme”—and how Europe is poised to benefit from a global recovery.
From Growth to Value: Where We Are in the Equity Markets
Lou Miller of Goldman Sachs’ Global Markets explains what’s driving the equity market rotation from growth to value, which sectors are benefiting, and how long the trade may continue.
Emerging Markets’ Next Phase
Jennifer Roth of Global Markets discusses how emerging markets are faring during a continuing pandemic and a nascent economic recovery.
What’s Behind the Record Level of Equity Issuance?
Goldman Sachs’ Benny Adler, co-head of the Americas Franchise Trading team, explains the supply-and-demand dynamics behind the “unprecedented" amount of equity issuance.
The Beginning of a Structural Bull Market for Commodities
Damien Courvalin, head of Energy within the Commodities Research team for Goldman Sachs Research, discusses his team’s latest outlook for commodities and why they’re raising their returns forecasts.
Elevated Equity Valuations
With markets hitting new highs, are equity valuations at a peak? We sat down with Candice Tse, U.S. head of Market Strategy within the Strategic Advisory Solutions team in Goldman Sachs' Asset Management Division, who shared her view on the current valuations.
Higher Rates Unlikely to Derail the US Housing Market Strength
Marty Young of Goldman Sachs Research discusses his team’s new report on the US housing market, one of the most rate-sensitive sectors of the US economy, and why he expects house price appreciation to continue to remain positive even in the event of an interest rate shock.
How Hedge Funds are Navigating a Volatile Market
Diana Dieckman and Freddie Parker of Prime Service within Goldman Sachs’ Global Markets Division talk about the state of the hedge fund industry and the current sentiment among fund managers and allocators.
Markets Update: Inflation and Equities
Peter Oppenheimer, Goldman Sachs’ chief global equity strategist and head of Macro Research in Europe, talks about why the changing mix of policy support in this cycle suggests a possible inflection point towards a more reflationary environment.
The ‘Equitization’ of the Credit Markets
William Wolcott of the Global Markets Division explains how the advent of credit ETFs have shaped fixed-income markets.
Big, Bold, Strategic Moves: The 2021 M&A Outlook
Stephan Feldgoise and Mark Sorrell, co-heads of global mergers & acquisitions in Goldman Sachs’ Investment Banking Division, discuss the key drivers behind historic levels of M&A activity, their positive outlook for dealmaking in 2021, and the resurgence of cross-border transactions. Plus, check out an infographic on the implications of executing M&A transactions in a virtual environment.
The Outlook for Airlines in 2021
Catie O’Brien of Goldman Sachs Research talks about her outlook for the airline industry in 2021 and why her team is forecasting an uptick in demand in the second half of the year.
Special Episode: The Rise of Retail Investing and Its Impact Across Market Participants
In this special episode, four leaders across Goldman Sachs—Raj Mahajan of the Global Markets Division, John Marshall of Goldman Sachs Research, Lizzie Reed of the Investment Banking Division, and Greg Tuorto of Goldman Sachs Asset Management—discuss the historic rise of retail investing and its profound implications for market participants.
The IPO SPAC-Tacle
With the strength of the IPO market and the surge in IPOs via SPACs continuing into 2021, host Allison Nathan, creator and editor of the firm’s Top of Mind report, asks experts whether or not these trends are sustainable. She speaks with Goldman Sachs’ head of Global Equity Capital Markets, David Ludwig, Professor of Finance at the University of Florida, Jay Ritter, and Professor of Business and Law at Stanford Law School, Michael Klausner.
Markets Update: January’s Record Inflows and Retail Trading Boom
Scott Rubner of Goldman Sachs' Global Markets Division recaps historic inflows into global equities in January and talks about the ongoing retail trading phenomenon and what it means for markets.
Goldman Sachs CFO Stephen Scherr on 2020 and How the Firm is Tracking Against Its Goals
One year after Goldman Sachs’ first-ever Investor Day, Stephen Scherr, the firm’s Chief Financial Officer, provides an update on how the firm is tracking against its goals and why 2021 will be a “year of execution.”
Markets Update: Emerging Markets in 2021
Jennifer Roth of Goldman Sachs' Global Markets Division gives a quick update on why investors have been turning to emerging markets amid the global backdrop of low interest rates.
Companies Continue to Turn to SPACs for Greater Flexibility
Olympia McNerney of Goldman Sachs’ Investment Banking Division talks about the continued momentum behind SPACs as an alternative path for companies to raise money in the public markets.
Markets Update: 2021 Global Growth Outlook
Jan Hatzius, Goldman Sachs’ chief economist, talks about why his team continues to forecast above-consensus growth for 2021, despite the weak US jobs report for December.
Markets Update: Financial Services Outlook
Richard Ramsden, business unit leader of the Financials Group for Goldman Sachs Research, provides an update on the financial services industry and the market backdrop going into 2021.
The Outlook for a Commodities Bull Market in 2021
Jeff Currie, head of Commodities Research for Goldman Sachs Research, talks about why his team is bullish on commodities for 2021.
Markets Update: Looking Back on 2020’s Roller Coaster Ride
Drew Pavlovich of Goldman Sachs’ Consumer and Wealth Division recaps a historic year in financial markets and talks about how clients are positioning their portfolios going into 2021.
Markets Update: The Bull Run in 2021
Peter Oppenheimer, the firm’s chief global equity strategist, talks about why his team remains confident about the global recovery in 2021.
Markets Update: A Biden Presidency, a Possible Vaccine and the Future of the S&P
David Kostin, Goldman Sachs Research’s Chief U.S. Equity Strategist, looks back at an events-heavy week and what it means for markets in the days ahead.
Markets Update: Investors Feel “Relief” As Clarity Begins to Form Around US Election
Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, on how markets have moved in response to the US election and what investors expect in terms of economic growth and policy agendas looking ahead.
Markets Update: Investors Anticipate Next Week’s U.S. Election
Amelia Garnett of Goldman Sachs' Global Markets Division talks about the key conversations she's having with investors ahead of the November 3rd election.
Markets Update: Election Outlook
Alec Phillips, chief US political economist for Goldman Sachs Research, provides an update on investors’ expectations for the upcoming election on November 3rd.
Markets Update: Taking Stock of Year-to-Date Performance
Tony Pasquariello of Global Markets gives an update on US equity performance and why 2020 has seen so much trading activity.
The Way Forward: Next Phase of Healthcare, Economies, and Financial Markets
Goldman Sachs held its second The Way Forward conference, convening leaders from the worlds of business, healthcare and public policy virtually for a series of insightful conversations about the state of vaccine and therapeutics development, how companies are responding to the pandemic, the impact on economies around the world, and the investment outlook for financial markets.
Markets Update: Investor Sentiment Tilts Marginally Bullish and Pro-Cyclical
Jason Mathews of Goldman Sachs’ Global Markets Division explains what the futures market indicates about investors’ outlook for the election and another round of U.S. fiscal stimulus.
Markets Update: Investors Assess How and When to Position Portfolios for a Post-Vaccine Economy
Erin Riley of the Markets Coverage Group in Private Wealth Management discusses the two key milestones her clients are watching: the U.S. election and the potential for a COVID-19 vaccine.
Markets Update: How Emerging-Market Economies are Navigating a Recovery
Jennifer Roth of Goldman Sachs’ Global Markets Division talks about how emerging-market economies are trying to steer their way toward a recovery, and how investors are responding to those efforts.
Markets Update: September Turbulence
Tony Pasquariello of Goldman Sachs' Global Markets Division explains how major stock market indices have backtracked somewhat from record highs in August – and why investors aren’t getting too worked up about it.
Markets Update: European Leveraged Capital Markets
Dominic Ashcroft and Luke Gillam, co-heads of EMEA Leveraged Capital Markets in Goldman Sachs’ Investment Banking Division, talk about the “cautiously optimistic” sentiment among corporate clients.
Markets Update: Subdued Mood as S&P 500 Hits Record Highs
Michael Cassell of Goldman Sachs' Global Markets Division talks about the cautious optimism with which investors are viewing the current equity market rally.
COVID-19: Where We Go From Here
Well into the COVID-19 pandemic, countries continue to grapple with managing the virus while restoring economic activity. Where the virus will go from here, what that means for the economy and markets—and how the vaccine outlook might impact everything—is Top of Mind.
Markets Update: U.S. Election in Focus
Tony Pasquariello of Global Markets and Joe Wall of the Office of Government Affairs discuss how investors are viewing the upcoming U.S. election in November.
Markets Update: SPACs
Olympia McNerney of Goldman Sachs talks about what’s been driving the surge in SPACs as an alternative avenue for companies to raise money in the public markets.
Markets Update: Balanced Bear Repair
Christian Mueller-Glissmann of Goldman Sachs Research discusses his new research about asset allocation with the risk of ‘fat and flat’ markets.
Trends Shaping the Equity Markets
Philip Berlinski, co-chief operating officer of Global Equities, shares his view on equity markets heading into the second half of the year.
Markets Update: Europe’s Fiscal Stimulus
José Manuel Barroso, chairman of Goldman Sachs International, provides an update on Europe’s latest fiscal stimulus package.
Markets Update: A “Gritty” Second Quarter
Jim Esposito, global co-head of Goldman Sachs’ Global Markets Division, recaps second quarter performance and the ongoing commitment to client centricity.
Markets Update: "Investor Sobriety" Carries into Q3
Tony Pasquariello of Global Markets recaps the historic market rally of Q2 and institutional investors’ outlook for Q3.
U.S. Dollar Weakness
Zach Pandl of Goldman Sachs Research explains the factors driving U.S. dollar weakness.
Markets Update: Banks’ Stress Tests
Richard Ramsden of Goldman Sachs Research explains what the results from U.S. banks’ latest stress tests say about the health of the industry.
Markets Update: Will the Recovery Be Derailed?
Amelia Garnett of Global Markets discusses how investors are weighing market risks.
Markets Update: The Rise of the Retail Investor
Philip Berlinski, COO of Global Equities, provides an update on what’s driving equity markets.
Markets Update: Constructive Conditions for Equity Issuers and Investors
Lizzie Reed of Goldman Sachs’ Investment Banking Division gives an update on what’s been driving investor interest in equity markets.
Daunting Debt Dynamics
Government deficits, debt issuance and debt levels are set to surge as countries race to ease the economic impact of the coronacrisis. This raises many questions: who will finance this debt, will it force a market repricing and/or an eventual growth or inflation problem, and would greater use of negative rates help avoid any of these risks? At the same time, whether corporate bankruptcies could derail the economic recovery is a key concern. In short, how disruptive the recent, dramatic shift in debt dynamics might be is Top of Mind.
Markets Update: Investors Assess U.S.-China Risks
Michael Cassell of Global Markets gives a quick update on how investors are approaching market risks, from US-China tensions to ongoing COVID-19 uncertainty.
Markets Update: Investor Sentiment Improves as Lockdowns Lift
Tony Pasquariello of Goldman Sachs’ Global Markets Division provides an update on how investors are reacting to the gradual re-opening of the U.S. economy.
Reopening Retail and the Future of Shopping
Jen Davis, Goldman Sachs’ head of retail investment banking, discusses the impact of the pandemic on various parts of the retail industry, including the potential shift in consumer behavior and the outlook for e-commerce.
Markets Update: How ESG is Changing
Goldman Sachs’ John Goldstein and external speakers provide an update on ESG and COVID-19.
The Outlook for the Corporate Credit Default Cycle
Lotfi Karoui, Goldman Sachs Research’s chief credit strategist, discusses the state of corporate credit markets and his outlook for corporate defaults in the months ahead.
Understanding the Markets-Macro Disconnect
Sam Morgan, co-head of Fixed Income, Currency and Commodities Sales in EMEA, discusses why markets are robust despite challenging economic data.
Markets Update: Latin America
Jen Roth of Global Markets provides an update on how COVID-19 is impacting investor sentiment in emerging markets.
Stacy Selig on ESG as a Market Theme
Stacy Selig, co-head of Goldman Sachs Global Sales Strats and Structuring, talks about how she’s helping investors see past the broader trends reflected in major indices and dig deeper to find the tactical drivers of the global economy in a time of historic disruption and uncertainty.
Jason Mathews on Major Themes Driving Markets
Jason Mathews from Goldman Sachs Equity Derivative Sales discusses how clients are navigating markets and planning for the future during a time of unprecedented volatility.
Client Call: CFO Perspectives
Goldman Sachs CFO Stephen Scherr and other senior leaders discuss topics that are top of mind for CFOs in the current environment.
The State of the Real Estate Market
In this episode of Talks at GS, Goldman Sachs’ Sharmin Mossavar-Rahmani discusses the state of the real estate market with a group of business leaders.
Markets Update: Oil Prices Drop to Record Lows
Sarah Kiernan of Goldman Sachs’ Global Markets Division gives her quick take on the latest market volatility, including investors’ reactions to record-low oil prices.
What Shutdowns Mean for Real Estate Investing
Nora Creedon, global head of REITs and Infrastructure in Goldman Sachs Asset Management, discusses how the economic shutdown has impacted real estate investing across sectors.
The Record Volumes and Big Deals Reshaping the Credit Markets
Jonny Fine, head of Goldman Sachs’ Investment Grade Syndicate in the Americas, discusses what’s driving the corporate credit markets during a time of unprecedented uncertainty.
Client Call: Oil Update as Negative Prices Emerge
Goldman Sachs’ Jeff Currie, Damien Courvalin, Brian Singer, and Anthony Dewell provide an update on oil markets as negative prices emerge.
How the Housing Sector Has Been Impacted by the Economic Slowdown
Terry Hagerty of Goldman Sachs’ Investment Banking Division talks about how COVID-19 has impacted the outlook for housing and the broader building products sector.
Harit Talwar on the Future of Consumer Banking
Harit Talwar, global head of Goldman Sachs’ Consumer Business, discusses the impact of the economic shutdown on the evolution of consumer financial services.
Markets Update: What Investors Are Watching
As volatility continues in the public markets, Meena Flynn of Goldman Sachs’ Consumer and Investment Management Division gives her analysis on the latest swings and explains how investors with permanent capital are positioning themselves.
How Markets Have “Changed Forever”
Ashok Varadhan, global co-head of Goldman Sachs’ Global Markets Division, talks about how financial trading has adapted to a primarily remote workforce.
Muni Market Activity
Sylvia Yeh, co-head of Goldman Sachs Asset Management’s Municipal Fixed Income business, discusses volatility in the municipal bonds market and what the Federal Reserve’s latest measures could mean for investors.
Why Money Markets Matter Right Now
Kathleen Hughes, global head of Liquidity Solutions in Goldman Sachs Asset Management, discusses the emerging focus on money markets and short-duration investing as businesses look to navigate the current market environment.
Markets Update: CEO David Solomon Shares His Perspectives on the Current Environment
Goldman Sachs Chairman and CEO David Solomon shares his views on the pandemic and the economic impact, alongside other of the firm’s senior leaders.
Volatility in the Oil Markets
Michele Della Vigna, Goldman Sachs Research’s head of EMEA natural resources, discusses the dual challenges the world’s oil producers are facing from coronavirus and a battle for market share, which has caused a global imbalance in the supply and demand for oil.
Oil’s Seismic Shock
The global oil market is experiencing a massive demand shock, with demand for transportation fuels sitting in the crosshairs of the coronavirus crisis. At the same time, major oil producers have engaged in a war for oil market share, resulting in a sizable supply shock. The impact of these simultaneous shocks on oil prices, OPEC+, the oil industry, and credit and financial markets more broadly are Top of Mind.
Markets Update: Do Investors Think The S&P 500 Has Bottomed Out?
Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory.
Navigating Market Volatility
Kevin Kelly, Goldman Sachs’ co-head of Global Prime Services, discusses how hedge funds are navigating historic levels of market volatility and clients’ “constructive, cautiously optimistic” sentiment looking ahead.
Client Call: Market Volatility and Potential Economic Impacts
In an effort to provide timely and valuable updates regarding ongoing market volatility and potential economic impacts, we’re sharing a “Market Update” call hosted by our Investment Banking Division.
The Anatomy of Bear Markets
Goldman Sachs Research’s Peter Oppenheimer, chief global equity strategist, examines the current market downturn within the context of bear markets throughout history.
Chipmaking’s Big Step Forward
Extreme ultraviolet lithography is poised to help power the next generation of technologies and impact the $50bn global semiconductor equipment market. Goldman Sachs Research explains how this technology will allow the production of more powerful chips at lower cost. Watch Video
What's Next for the Airline Industry?
Catie O’Brien of Goldman Sachs Research explains drivers of improved profitability across the airline industry.
How are “Carbonomics” Reshaping the Energy Industry?
Goldman Sachs’ Michele Della Vigna explains his latest research on the future of energy in the age of climate change.
Growth and Geopolitical Risk
Goldman Sachs’ Head of Energy Research Damien Courvalin explains why the oil market is much better positioned to deal with supply outages today, and thus is a less likely recession trigger than in the past. But the Council on Foreign Relations’ President, Richard Haass, and Columbia Professor Richard Nephew explain why instability looks set to rise in the Middle East and beyond. Learn More
Europe’s Markets vs Japan’s: Parallels and Differences
Europe’s slow economic growth and low inflation have led many to wonder if the region is at risk of “Japanification.” In this episode of The Long & Short of It, Sharon Bell of Goldman Sachs Research explains some of the lessons investors can take from Japan’s recent past to better understand Europe’s future. Watch Video
Dissecting the Market Disconnect
With the US expansion now the longest on record and no shortage of risks on the horizon, growth uncertainty is Top of Mind. This uncertainty has been at the heart of the dovish pivot from central banks this year, which has generally helped push bond yields lower in anticipation of Fed rate cuts ahead, but equity prices higher. So just how concerned about growth should we really be? Learn More
What the Market Pays For
What do markets pay for when they value companies? The common refrain of frustrated managements is that markets are too short-term oriented and miss the long-term potential. But a deep dive into how the market responds to earnings shows the divide is less about time frame than visibility – investors are paying for predictable and persistent revenue. Read Report
Emmanuel Roman, Leadership in a Digital-First Economy
PIMCO Chief Executive Officer Emmanuel Roman discusses bringing a new era of leadership to one of the world’s largest asset management firms, the technological forces shaping the industry and his expectations for the global economy. Watch Video
As Emerging Brands Take Share, M&A Heats Up
As emerging brands take market share from larger, established companies, Jane Dunlevie of Goldman Sachs’ Investment Banking division explains that technology is transforming how consumers identify with brands, as well as how those brands are born and become profitable. Watch Video
The Rate Stuff: What Markets Are Saying About the Macro Outlook
Francesco Garzarelli, co-chief markets economist of the Global Macro Research team, discusses the drivers of recent market volatility and how investors are viewing a strong US macroeconomic backdrop amidst expectations that the Fed will continue to raise interest rates. Listen Now
Dan Schulman, The Democratization of Finance
PayPal president and CEO Dan Schulman discusses the power of fintech, why even tech pioneers must constantly change and innovate, and why diversity is critical for commercial success. Watch Video
John Mackey, Conscious Capitalism and Conscious Eating
John Mackey, co-founder and CEO of Whole Foods, discusses the importance of reeducating our palates to a diet of “whole foods” and why conscious capitalism is a critical driver of good business during this Talks at GS session. Watch Video