According to潮向 Research, the MSCI Global Index rose 2.9% last week, led by the U.S. with a 3.7% gain. AI-related trading continued to diverge, with the KOSPI falling 7.4% for the week while the broader technology sector rose 5.5%. Over the past two weeks, global technology stock long positions saw the largest selling volume since 2014. A Goldman Sachs report dated August 10 noted that EPS revisions in emerging markets have continued to be upwardly adjusted, with Korea and Taiwan contributing the most to this trend. EPS revisions in the eurozone have strengthened consistently since April and have now surpassed those of the U.S. for the first time since January 2025. Goldman Sachs believes that broadening profit margins are providing support to global equities; the KOSPI has declined approximately 40% from its June high, with valuations retreating and positions being unwound, restoring its strategic allocation value. Goldman Sachs maintains a 12-month target of 8,300 for the S&P 500 and 1,080 for the MSCI Asia Pacific Ex-Japan Index.
Goldman Sachs report highlights global earnings growth and strategic value in the Korean market.
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Summary
Goldman Sachs highlighted in its latest weekly market report that EPS revisions in the emerging markets region are rising, with South Korea and Taiwan leading the way. European revisions have outpaced those in the U.S. since April, the first time since January 2025. The firm sees strategic value in the KOSPI, which is down 40% from its June high. A 12-month target of 8,300 for the S&P 500 and 1,080 for the MSCI Asia ex-Japan index was set. The daily market report shows continued broadening of earnings, supporting global equities.
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