The Goldman Sachs Analyst Index fell to 49.1, with its new orders component dropping to its lowest since May 2020; however, both manufacturing and services survey trackers edged up, and surveyed companies remained relatively optimistic about capital spending next year.
US technology stocks and the equal-weight index diverged in October. Goldman Sachs added Amphenol to its November Conviction List, expecting its copper cable and fiber-optic businesses to benefit from data center construction, while flagging risks to growth, margins and acquisition execution.
The ISM manufacturing index rose to 55.5 in October, but the final S&P Global manufacturing PMI was revised lower; construction spending fell 1.9% month over month in September, and Goldman Sachs maintained its fourth-quarter GDP growth tracking estimate.
In the third quarter of 2026, LONGi posted a net loss of approximately 1 billion yuan, less than Goldman Sachs and the market consensus expected. A higher share of sales in the premium overseas distributed-generation market was the main reason for the improvement in gross margin.
ECOVACS’ third-quarter 2026 revenue was broadly in line with Goldman Sachs’ expectations, but net profit was 61% below the bank’s forecast. Higher memory chip prices, exchange rates and competition combined to depress gross margin, prompting Goldman Sachs to cut its earnings forecasts and price target.
Quarter-on-quarter shipment growth in the third quarter failed to offset falling selling prices, and EBITDA was well below expectations. Goldman Sachs expects glass inventory drawdowns to support prices and maintains a Neutral rating.
At the announced prices, the transaction represents an enterprise value of 125 billion dollars for Lumentum. Marvell management expects the combination to expand its 2030 serviceable market and be accretive to non-GAAP earnings per share one year after closing.
New-home transactions rebounded week on week in week 44 but remained down year on year; cumulative existing-home transactions for the year outperformed new homes. Land transactions rose in October as supply and premium rates weakened.
Goldman Sachs’ fourth-quarter survey shows respondents generally expect China’s growth momentum to remain broadly unchanged over the next six months, although more anticipate a slowdown than an acceleration. Most expect modest fiscal easing and remain cautious about a rebound in consumption and inflation.
The RatingDog China Manufacturing PMI fell to 52.0 in October from 52.1 in the previous month, above Goldman Sachs’ forecast. The output index rose slightly, but the new export orders index retreated, and the gap between the input and output price indices continued to point to margin pressure.
Yousongwu quickly topped TapTap’s trending chart after testing began. Goldman Sachs believes AI lowers the barriers to creation and could expand the platform’s content supply and user base; long-term value depends on its content distribution and monetization capabilities.
S&P 500 companies that have reported posted year-on-year third-quarter earnings per share growth of 33%, while European growth is expected to reach 23%; Goldman Sachs says weaker upward earnings revisions and harsher market penalties for earnings misses point to slowing growth momentum in 2027.
Long-term US forward rates recently retreated after reaching 5.2%, close to the peak policy rate of the previous tightening cycle. Goldman Sachs says when markets confirm that the current cycle of rate hikes is over will affect whether forward rates can fall further.
Goldman Sachs has raised its forecast for global data center capacity in 2030 from 217GW to 273GW, mainly reflecting estimates of unannounced projects further into the future; power supply, permitting and financing costs affect the pace of project delivery.
China's paperboard exports to Europe rose 47% year on year in September, although Russia accounted for a large share of exports to Europe. Goldman Sachs expects European oversupply to limit price increases and put considerable pressure on Stora Enso's earnings.
The Fiserv index shows seasonally adjusted small-business sales rose 2.3% year over year in October. Transaction trends improved, but gasoline sales made a substantial contribution, and restaurant spending remained weaker than the overall figure.
In the week ending 2 November, Goldman Sachs’ supply chain congestion index rose 6% from the previous week, but the congestion level remained at 2. More vessels were waiting for berths along the US East and Gulf Coasts, while West Coast freight rates and some inland transportation indicators also showed that pressure persisted.
AMEC’s third-quarter revenue fell short of Goldman Sachs’ expectations and its gross margin improved quarter on quarter, but R&D and new-product investment pushed up its expense ratio. Goldman lowered its revenue forecasts for the coming years while remaining optimistic about long-term growth from product expansion.
In the third quarter of 2026, China Tourism Group Duty Free’s Hainan duty-free sales growth slowed to 7%, while declines in its airport and online channels narrowed. Gross margin improved year over year, but falling revenue, rising expenses and higher inventory continued to constrain operating performance.
Weak domestic demand, combined with cost and exchange-rate pressures, weighed on third-quarter revenue across the four leading white goods makers, while their profit performance diverged sharply. Goldman Sachs expects the sector overall to return to year-on-year growth in the fourth quarter, though domestic improvement will mainly reflect a low base.
