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<style>@media screen and (max-width:500px){.sp_mobile_text_align_left .sp_image_container{text-align:left!important}.sp_mobile_text_align_left .sp_text_title{text-align:left!important}.sp_mobile_text_align_left .sp_author_details{text-align:left!important}.sp_mobile_text_align_left .sp_author_details td{text-align:left!important}.sp_mobile_text_align_left .sp_button_wrapper{text-align:left!important}.sp_mobile_text_align_left .sp_button_wrapper td{text-align:left!important}.sp_mobile_text_align_left .sp_text_headline .sp_text_headline_title{text-align:left!important}.sp_mobile_text_align_left .sp_text_headline .sp_text_headline_desc{text-align:left!important}.sp_mobile_text_align_left .sp_table table{text-align:left!important}.sp_mobile_text_align_left .sp_text_description{text-align:left!important}.sp_mobile_text_align_left .sp_button_wrapper{text-align:left!important}.sp_mobile_text_align_left .sp_button_wrapper_inner{text-align:left!important;float:left!important;display:inline-block!important}.sp_mobile_text_align_center .sp_image_container{text-align:center!important}.sp_mobile_text_align_center .sp_text_title{text-align:center!important}.sp_mobile_text_align_center .sp_author_details{text-align:center!important}.sp_mobile_text_align_center .sp_author_details td{text-align:center!important}.sp_mobile_text_align_center .sp_button_wrapper{text-align:center!important}.sp_mobile_text_align_center .sp_button_wrapper td{text-align:center!important}.sp_mobile_text_align_center .sp_text_headline .sp_text_headline_title{text-align:center!important}.sp_mobile_text_align_center .sp_text_headline .sp_text_headline_desc{text-align:center!important}.sp_mobile_text_align_center .sp_table table{text-align:center!important}.sp_mobile_text_align_center .sp_text_description{text-align:center!important}.sp_mobile_text_align_center .sp_button_wrapper{text-align:center!important;line-height:0px!important}.sp_mobile_text_align_center .sp_button_wrapper .sp_button_spacer{line-height:normal!important}.sp_mobile_text_align_center .sp_button_wrapper_inner{text-align:center!important;float:none!important;display:inline-block!important;line-height:normal!important}.sp_mobile_text_align_right .sp_image_container{text-align:right!important}.sp_mobile_text_align_right .sp_text_title{text-align:right!important}.sp_mobile_text_align_right .sp_author_details{text-align:right!important}.sp_mobile_text_align_right .sp_author_details td{text-align:right!important}.sp_mobile_text_align_right .sp_button_wrapper{text-align:right!important}.sp_mobile_text_align_right .sp_button_wrapper td{text-align:right!important}.sp_mobile_text_align_right .sp_text_headline .sp_text_headline_title{text-align:right!important}.sp_mobile_text_align_right .sp_text_headline .sp_text_headline_desc{text-align:right!important}.sp_mobile_text_align_right .sp_table table{text-align:right!important}.sp_mobile_text_align_right .sp_text_description{text-align:right!important}.sp_mobile_text_align_right .sp_button_wrapper{text-align:right!important}.sp_mobile_text_align_right .sp_button_wrapper_inner{text-align:right!important;float:right!important;display:inline-block!important}}@media screen and (max-width:500px){#spe .sp_text_title{font-size:24px!important}#spe .sp_text_description{font-size:22px!important}}</style>
<div class="sp_preheader" style="display:none!important;visibility:hidden;mso-hide:all;font-size:1px;color:#ffffff;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden">How fiscal concerns impact US markets<span style="font-size:0px"> </span></div><div id="spe"><!--[if gte mso 9]><style> ul.gsFlushList li { text-indent: -1em !important; Margin: 0 0 0 25px !important; } </style><![endif]--><!--[if (gte mso 9)|(IE)]><style type="text/css"> table { border-collapse: collapse; border-spacing: 0; } </style><![endif]--><table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="gsDarkModeBg" bgcolor="#FFFFFF"><div><div><div>
<div class="layout_type_content_widget"><div><div class=" type_insert_code_block type_content_widget sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1860" data-orientation_type="content_widget" data-orientation_type_name="" data-align="center"><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c0" target="_blank" style="font-size:0px;line-height:0px;height:0px;display:block;color:#186ade;text-decoration:none;font-weight:bold"></a></div></div></div><div class="layout_type_custom_module"><div><div class=" type_1680726070 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1174" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *********************************** ******** START: Header ************
--><table class="gsContentWidth" width="640" cellspacing="0" cellpadding="0" border="0" align="center"><tbody><tr><td class="gsMobilePadding10" style="padding-top:10px;padding-right:20px;padding-bottom:10px;padding-left:20px" align="center"><table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="sp_image_wrapper gsContentWrapper gsImageWrapper" valign="top" align="center"><div class="gsDesktopOnly"><a href="#" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><img class="gsFullWidth" src="https://assets.storyports.com/pushproject/u/737/images/5116807290.png" style="border:none;display:block;width:600px;height:80px" width="600" height="80"></a></div>
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--><table class="gsDividerTable" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" cellspacing="0" cellpadding="0" border="0" align="center"><tbody><tr><td align="center"><table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px;background-color:#ffffff;font-size:0px;line-height:0px;height:1px"><hr style="border:none;height:1px;background:#d0d0d0;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;margin-top:0;margin-right:0;margin-bottom:0;margin-left:0;outline:none"></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Divider ********* ******************************** --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1367" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20" align="center"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Paragraph ************
--><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><span style="font-size:16px">The key <a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c1" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">insights</a> today:</span><br><br><ul><li><span style="font-size:16px">What do fiscal concerns mean for US assets?</span> </li>
<li><span style="font-size:16px">The outlook for Spain's economy</span></li><li><span style="font-size:16px">Meme stocks are back</span></li><li><span style="font-size:16px">Big opportunity in mid-caps</span></li><li><span style="font-size:16px">Briefings Brainteaser: Which of these energy sources is the most labor-intensive?</span></li></ul><br><span style="font-size:16px"><em>Want to sign up and stay connected?</em> </span><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c2" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">Click here</span></a><span style="font-size:16px">.</span></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph ********* ********************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890343 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************* ******** START: Divider ************
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890509 type_custom_module sp_text_align_left" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F">How US Fiscal Concerns Are Affecting Bonds, Currencies, and Stocks</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1688101408 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!--[if true]><table role="presentation" width="640" align="center" cellpadding="0" cellspacing="0" border="0" bgcolor="#ffffff" style="width: 640px;"><tr><td>
<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c3" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/78617540427.jpg" style="max-width:600px;width:600px;height:401px" width="600" height="401"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *****************************************
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<p lang="EN-US"><span style="font-size:16px">As large US budget deficits </span><span style="font-size:16px">raise questions</span><span style="font-size:16px"> about debt sustainability, fiscal concerns are </span><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c4" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">beginning to affect prices</span></a><span style="font-size:16px"> for longer-maturity government bonds and the US dollar. There are signs, however, that the country's equity market will power ahead this year. </span></p>
<p lang="EN-US"><span style="font-size:16px">Goldman Sachs Research's economic outlook for the US, meanwhile, is on the cautious side, set against a backdrop of tariff increases: While the US is expected to avoid a recession, its GDP is forecast to grow by only about 1% this year as tariff rates rise, says Jan Hatzius, Goldman Sachs' chief economist, on an episode of The Breaks of the Game podcast. The risk of recession is around 30%, which is double the historical average.</span></p><p lang="EN-US"><span style="font-size:16px">“On the economy, it's going to continue to be a slog,” Hatzius says in the episode, hosted by Tony Pasquariello, global head of hedge fund coverage in Global Banking & Markets. While import taxes have had little impact on prices so far, Hatzius expects core inflation to increase by about a percentage point to more than 3% this year.</span></p>
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************************************ --></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1688101408 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!--[if true]><table role="presentation" width="640" align="center" cellpadding="0" cellspacing="0" border="0" bgcolor="#ffffff" style="width: 640px;"><tr><td>
<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c5" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/317539792.png" style="max-width:600px;width:600px;height:486px" width="600" height="486"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *****************************************
******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Paragraph ************
--><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><p lang="EN-US"><span style="font-size:16px">Concerns about US budget deficits are beginning to drive up yields on longer-maturity Treasuries. Goldman Sachs Research forecasts that the dollar will weaken against other major currencies.</span></p>
<p lang="EN-US"><span style="font-size:16px">Rob Kaplan, Goldman Sachs' Vice Chairman, notes that while Treasuries have long been the world's haven asset, longer-dated bonds haven't rallied this year, even as estimates for economic growth have declined. </span></p><p lang="EN-US"><span style="font-size:16px">“So the question is: Is the 10-year and longer duration still the safe haven, flight to quality, asset?” Kaplan says.</span></p><p lang="EN-US"><span style="font-size:16px">Ashok Varadhan, co-head of Global Banking & Markets at Goldman Sachs, expects the Treasury yield curve to steepen: Shorter-term Treasury yields are likely to decline relative to longer-dated Treasuries as the Federal Reserve lowers its policy rate. “The question is whether the data warrants easing a little or a lot,” he says. </span></p>
<p lang="EN-US"><span style="font-size:16px">Varadhan says he's “super bullish” on equities, even though they've reached all-time highs. There's a tailwind to the US economy from deregulation, he says, and it will be important to assess whether the US manages a fair recalibration of trade and continues to attract the best, brightest, and most able people to its labor market. </span></p><p lang="EN-US"><span style="font-size:16px">“And we're not even in the first inning of companies implementing AI,” Varadhan says. “Once that company implementation happens you get that productivity dividend.”</span></p><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c6" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><em>In case you missed it:</em></a><em> Can the US stock rally persist as the dollar declines?</em>
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890509 type_custom_module sp_text_align_left" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F">How Spain Became Europe's Fastest-Growing Major Economy</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1688101408 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!--[if true]><table role="presentation" width="640" align="center" cellpadding="0" cellspacing="0" border="0" bgcolor="#ffffff" style="width: 640px;"><tr><td>
<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c7" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/50817540395.jpg" style="max-width:600px;width:600px;height:338px" width="600" height="338"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *****************************************
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<p lang="EN-US"><span style="font-size:16px">The economies of southern Europe have outpaced the rest of </span><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c8" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">the euro area</span></a><span style="font-size:16px"> since the Covid pandemic, driven by a robust services sector. Spain, in particular, has </span><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903c9" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">emerged as a standout</span></a><span style="font-size:16px">.</span></p>
<p lang="EN-US"><span style="font-size:16px">Goldman Sachs Research raised its forecasts for Spain and now expects <a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903ca" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">the economy</a> to grow 1.9% in 2026 and 1.7% in 2027 (compared with previous forecasts of 1.5% and 1.6%, respectively). This increases next year's growth forecast for the entire euro area by 0.1 percentage point to 1.2%. </span></p><p lang="EN-US"><span style="font-size:16px">While southern Europe's services economy is usually linked to tourism, the services sector's recent composition has shifted toward higher value-added areas such as finance, real estate, information and communications technology, and professional services.</span></p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!--
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<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903cb" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/76417539785.png" style="max-width:600px;width:600px;height:569px" width="600" height="569"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *****************************************
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<p lang="EN-US"><span style="font-size:16px">Spain has outperformed this trend. The share of high value-added services in GDP is now 3 percentage points higher than during the pre-pandemic period and has increased by 1 percentage point more than in the rest of the euro area, Filippo Taddei, Goldman Sachs Research's senior economist focusing on southern Europe and European policy within the European Economics team, writes in the team's report. </span></p><p lang="EN-US"><span style="font-size:16px">“The shift toward high value-added services is the least appreciated structural change of the Spanish economy in our conversations with investors,” he says.</span></p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph ********* ********************************** --></div></div></div>
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1718902893 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 16 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer16" style="height:16px;height:16px;font-size:16px;line-height:16px" height="16"></td></tr></tbody></table><!-- ******** End: Spacer - 16 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1718902893 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 16 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer16" style="height:16px;height:16px;font-size:16px;line-height:16px" height="16"></td></tr></tbody></table><!-- ******** End: Spacer - 16 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890509 type_custom_module sp_text_align_left" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F">What's Driving the Resurgence of Meme Stocks?</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1688101408 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!--[if true]><table role="presentation" width="640" align="center" cellpadding="0" cellspacing="0" border="0" bgcolor="#ffffff" style="width: 640px;"><tr><td>
<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903cc" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/64117539766.jfif" style="max-width:600px;width:600px;height:338px" width="600" height="338"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658931168 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1673" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************
******** START: Image Caption ************ --><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><div style="text-align:center"><em><span style="font-size:12px">John Marshall (L) with Allison Nathan on Goldman Sachs Exchanges</span></em></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Image Caption *********
********************************** --></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Paragraph ************
--><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><p lang="EN-US"><span style="font-size:16px">Retail traders have been buying options on some unexpected stocks, driving up share prices in an apparent return of “meme stock mania.”</span></p>
<p lang="EN-US"><span style="font-size:16px">When asked what's triggering the resurgence and the renewed focus on these types of trades, John Marshall, head of Derivatives Research in Goldman Sachs Research, points to investor optimism as well as recent legislation.</span></p>
<p lang="EN-US"><span style="font-size:16px">“It is coincident with the passing of a couple of bills in Congress: the tax bill and crypto-related bills. And so I think we're seeing some of the names or some of the themes that show up in the meme stock rally be in areas that are exposed,” Marshall tells </span><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903cd" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">Goldman Sachs Exchanges</span></a><span style="font-size:16px"><em> </em>host Allison Nathan. He adds that “it's optimism about the future, optimism about the medium-term growth potential for some of these areas” that's driving retail excitement. </span></p>
<p lang="EN-US"><span style="font-size:16px">Going forward, Marshall believes that episodes of meme stock activity will be a permanent feature of the market. He says they bring to light the role played by retail investors, who account for around 25% of share trading and 60% of single-stock options trading in the US. </span></p><p lang="EN-US"><span style="font-size:16px">“Retail investors are a hugely important part of the markets,” Marshall says. “And I think we've gained an appreciation, as a market community, that they're a big factor in how stocks behave.”</span></p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph ********* ********************************** --></div></div></div>
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890343 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************* ******** START: Divider ************
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<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2964" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="640" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890509 type_custom_module sp_text_align_left" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F">The Case for Mid-Cap Stocks</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="640" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="640" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Paragraph ************
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<p lang="EN-US"><span style="font-size:16px">Investors could be ignoring one of the most promising segments of the US equity market, </span><a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903ce" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">says Jenny Chang</span></a><span style="font-size:16px">, portfolio manager with Goldman Sachs Asset Management.</span></p><p lang="EN-US"><span style="font-size:16px">“Mid-caps combine the valuation upside of small-caps with the stability of large-caps,” Chang says. </span><span style="font-size:16px">She points out that the S&P 400 mid-cap index trades at a significantly lower valuation than the S&P 500.</span></p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph *********
********************************** --></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1688101408 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!--[if true]><table role="presentation" width="640" align="center" cellpadding="0" cellspacing="0" border="0" bgcolor="#ffffff" style="width: 640px;"><tr><td>
<![endif]--><div align="center" style="width:auto;max-width:640px;margin-top:0;margin-right:auto;margin-bottom:0;margin-left:auto;overflow:auto;background-color:#ffffff" class="sp_image_wrapper" width="600"><a target="_blank" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903cf" style="color:#186ade;text-decoration:none;font-weight:bold"><img src="https://assets.storyports.com/pushproject/u/737/images/17117539527.gif" style="max-width:600px;width:600px;height:600px" width="600" height="600"></a></div><!--[if true]></td></tr></table><![endif]--></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************
******** START: Paragraph ************ --><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><p lang="EN-US">One reason for this may simply be the lack of investor attention, Chang says. “Investors sometimes seem to forget these stocks, which are stuck in between the better-known large-caps and small-caps.”</p>
<p lang="EN-US">Yet over the long run, mid-caps have significantly outperformed small-caps and large-caps alike.</p><p lang="EN-US">“The opportunity could be particularly compelling today, thanks to AI,” Chang adds. “From increased power demand, to an uptick in onshoring, to healthcare innovation, AI is driving new growth for many mid-cap companies.”</p><p lang="EN-US">Chang recommends that investors now “take a second look at the underappreciated mid-cap space.”</p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph ********* ********************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1718902893 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 16 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer16" style="height:16px;height:16px;font-size:16px;line-height:16px" height="16"></td></tr></tbody></table><!-- ******** End: Spacer - 16 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="3310" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890343 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************* ******** START: Divider ************
--><table class="gsDividerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px;background-color:#ffffff;font-size:0px;line-height:0px;height:1px"><hr style="border:none;height:1px;background:#d0d0d0;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;margin-top:0;margin-right:0;margin-bottom:0;margin-left:0;outline:none"></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Divider ********* ******************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1718902893 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 16 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer16" style="height:16px;height:16px;font-size:16px;line-height:16px" height="16"></td></tr></tbody></table><!-- ******** End: Spacer - 16 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658890509 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F">Briefings Brainteaser: People power</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="3310" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="3310" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890594 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Paragraph ************
--><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000">The amount of labor behind different power technologies varies considerably. Which of these energy sources is the most labor-intensive during the manufacturing stage, as measured on a job-years per-megawatt (MW) basis?<span style="font-size:16px"><br><br>A) Natural gas<br>B) Offshore wind<br>C) Onshore wind<br>D) Nuclear</span><p lang="EN-US"><span style="font-size:16px"><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d0" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">Check the answer here</a>.</span></p>
</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Paragraph ********* ********************************** --></div></div></div><div class="layout_type_custom_module"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ -->
</div></div></div><div class="layout_type_custom_module"><div><div class=" type_1658890343 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="2963" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************* ******** START: Divider ************
--><table class="gsDividerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px;background-color:#ffffff;font-size:0px;line-height:0px;height:1px"><hr style="border:none;height:1px;background:#d0d0d0;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;margin-top:0;margin-right:0;margin-bottom:0;margin-left:0;outline:none"></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: Divider ********* ******************************** --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="868" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="703" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658890509 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1367" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ************************************** ******** START: Headline ************
--><table class="gsHeadlineTable" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td align="center"><table class="gsFullWidth" width="640" cellspacing="0" cellpadding="0" border="0" align="center"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="gsHeadlineSmall gsTextOnWhiteBg sp_priority_text gsTextHeadline" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:22px;line-height:30px;font-weight:bold;color:#22263F" align="left">Goldman Sachs in the news</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** END: Headline ************ ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658898161 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="964" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 10 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer10" style="height:10px;height:10px;font-size:10px;line-height:10px" height="10"></td></tr></tbody></table><!-- ******** End: Spacer - 10 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module"><div><div class=" type_1658931168 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="964" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: Image Caption ************
--><table class="gsParagraphTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000"><div style="text-align:left"><span style="font-size:10px">By clicking on these links, you will be redirected to external websites that Goldman Sachs does not own or operate. Goldman Sachs is not responsible for the products, services, or content provided on those sites. Please refer to each external website's terms, privacy, and security policy for details.</span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table>
<!-- ******** End: Image Caption ********* ********************************** --></div></div></div><div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658892309 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1724" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: News Item ************
--><table class="gsNewsItemTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsFullWidth gsDisplayBlock" valign="top" style="padding-right:125px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr><td class="gsTextOnWhiteBg sp_html_block gsTextBodySubText" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:12px;line-height:13px;color:#6B6B6B;padding-bottom:5px"><span style="font-size:16px"><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d1" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">CNBC</a> Jul 22</span></td></tr><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000;line-height:20px">Goldman Sachs' Jonny Fine: We See 'Bursts of Activity' in Capital Markets Franchises (7:07)</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: News Item ********* ********************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658892309 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1724" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: News Item ************
--><table class="gsNewsItemTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsFullWidth gsDisplayBlock" valign="top" style="padding-right:125px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr><td class="gsTextOnWhiteBg sp_html_block gsTextBodySubText" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:12px;line-height:13px;color:#6B6B6B;padding-bottom:5px"><span style="font-size:16px"><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d2" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">Bloomberg</a> Jul 25</span></td></tr><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000;line-height:20px">Goldman Sachs' Lotfi Karoui on Downgrading Bank Bonds (0:47)</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: News Item ********* ********************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658892309 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1724" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: News Item ************
--><table class="gsNewsItemTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsFullWidth gsDisplayBlock" valign="top" style="padding-right:125px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody>
<tr><td class="gsTextOnWhiteBg sp_html_block gsTextBodySubText" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:12px;line-height:13px;color:#6B6B6B;padding-bottom:5px"><span style="font-size:16px"><a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d3" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold">Bloomberg</a> Jul 25</span></td></tr><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000;line-height:20px">Goldman Sachs' Rob Kaplan says Federal Reserve Should Ready for September Cut</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: News Item ********* ********************************** --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658890379 type_custom_module sp_text_align_center" data-additional_padding="0" data-columns="1" data-column_padding="0" data-container_width="1799" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- ***************************************** ******** START: Spacer - 20 ************ --><table class="gsSpacerTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="gsSpacer20" style="height:20px;height:20px;font-size:20px;line-height:20px" height="20"></td></tr></tbody></table><!-- ******** End: Spacer - 20 ********* ************************************ --></div></div></div>
<div class="layout_type_custom_module" style="display:block"><div><div class=" type_1658892309 type_custom_module sp_text_align_center" data-additional_padding="50" data-columns="1" data-column_padding="0" data-container_width="1724" data-orientation_type="custom_module" data-orientation_type_name="" data-align="center"><!-- *************************************** ******** START: News Item ************
--><table class="gsNewsItemTable" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center"><table class="gsContentWidth" width="640" align="center" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsContentWrapper gsBodyPadding30" style="padding-top:0;padding-right:30px;padding-bottom:0;padding-left:30px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsFullWidth gsDisplayBlock" valign="top" style="padding-right:125px"><table width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBodySubText" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:12px;line-height:13px;color:#6B6B6B;padding-bottom:5px">
<a href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d4" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">Bloomberg</span></a> <span style="font-size:16px">Jul 29 🔒</span></td></tr><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000;line-height:20px">Goldman Sachs Strategist's 2024 Call to Look Beyond US Stocks Is Still Paying Off</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: News Item ********* ********************************** --></div></div></div>
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<a alias="" href="https://tracking.gs.com/r/?id=h3890da65,8c6b787,657903d5" name="" rel="noopener noreferrer" target="_blank" style="color:#186ade;text-decoration:none;font-weight:bold"><span style="font-size:16px">Fox Business</span></a><span style="font-size:16px"> Jul 31</span></td></tr><tr><td class="gsTextOnWhiteBg sp_html_block gsTextBody" align="left" style="font-family:Arial , 'sans-serif' , 'Basis';font-size:16px;color:#000000;line-height:20px">Goldman Sachs CEO Shares a Vital Tip for Interns to Get Ahead in Their Careers</td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- ******** End: News Item ********* ********************************** --></div></div></div>
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october 17, 2025 11:19am
