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TARIFFS IN FOCUS

UPCOMING WEBCASTS

Asia Macro: Tariffs First Take
3 Apr 2025 | 2pm HK
Speakers: Andrew Tilton and Michael Snaith
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Tariffs - Our First Take...
3 Apr 2025 | 1pm LN | 8am NY
Speakers: Alec Phillips, James Ellery, Rich Privorotsky, Jan Scheffel, Shawn Tuteja, Adam Crook and John Flood
ACCESS WEBCAST | Password (Case Sensitive): Goldman1

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US: A Further Increase in Our Tariff Assumptions (30 Mar 2025)
Yields: Lowering Yield Forecasts on a More Severe Tariff Baseline (1 Apr 2025)
Oil: Reciprocal Tariffs: Potential Significant Upside to Refined Product Margins; Modest Upside to Light Crude Oil Prices (1 Apr 2025)
Europe: European Daily: EU—Ready for Retaliation Against US Tariffs (2 Apr 2025)
US Equities: Higher tariffs and weaker growth reduce our earnings estimates and S&P 500 return forecasts (30 Mar 2025)
Europe Equities: Trump, Trade and Tariffs impact; downgrading EPS and return forecasts (31 Mar 2025)
Asset Allocation: Cross-asset repricing of growth and inflation with rising tariff risks - shifting more defensive (31 Mar 2025)

... and more

ENCORE: POTENTIAL IMPACT OF US TARIFFS ON ASIA-PACIFIC

Asia: Decoding US-China trade balance: tariffs and economic impact (30 Mar 2025)

Asia Equities: Gauging the potential impact of US tariffs on AsiaPac equities (18 Feb 2025)

Japan: Tariff Q&A Ahead of April 2 Announcement(26 Mar 2025)

ASEAN: Potential US Tariff Impact on ASEAN Growth; Expecting More Dovish Regional Central Banks (26 Mar 2025)

India: Dealing with potential "reciprocal tariffs" from the US (18 Feb 2025)

Korea: Reassessing US Tariff Risks for Korea's Exports--A Scenario Analysis (21 Mar 2025)

Aus Equities: Well positioned to navigate rising US risks; recent underperformance unwarranted (2 Apr 2025)

Where to Invest Now: April Showers

Click here to access the Where to Invest Now chartpack US Equity Strategy Path of S&P 500 earnings and index level Our EPS forecasts are significantly below consensus Earnings model sensitivity to macro assumptions We ex...

1 Apr 2025 | 1:13pm| 91pg| Research | Portfolio Strategy-David J. Kostin

Americas Capital Markets: Macro uncertainty to pressure Capital Markets outlooks, driving EPS risks across most into 1Q25 results

We expect macro/policy uncertainty, choppy equity markets, and lower short-end interest rate prospects to pressure EPS outlooks across Capital Markets stocks where we are now ~5% below consensus for 2025 on average, with...

3 Apr 2025 | 4:05am| 53pg| Research | Equity-Alexander Blostein, CFA and others

Japan Games: Announces Nintendo Switch 2 details: Implications for Nintendo, Sony Group, and game publishers

Nintendo held its "Nintendo Direct: Nintendo Switch 2 - 02.04.2025" streaming event on April 2 (from 22:00 JST). The company announced details of the new Nintendo Switch 2, including the console's features and specifications, software pipeline, launch date, and pricing. We believe the major spec improvements with the Nintendo Switch 2, signs of strong third-party support, the introduction of a Japan-only model, and affordable/strategic pricing (¥49,980 in Japan) are positives for Nintendo.

Japan Games & Entertainment: Sector Outlook, Key Debates, Ideas (1 Apr 2025)

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Minami Munakata

Japan Games/Entertainment | Tokyo

3 Apr 2025 | 6:08am| 10pg| Research | Equity-Minami Munakata and others

Earnings Season
Previews and analysis of the latest results

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Kweichow Moutai (600519.SS): Earnings Review: 2024 Sales/NP in line with pre-results; Targets 9% sales growth in 2025; Buy

On Apr 2nd, Kweichow Moutai reported 2024 results. In 2024, Moutai grew its total revenue by 15.7% yoy to Rmb174.1bn and net profit by 15.4% yoy to c.Rmb86.2bn, slightly higher than the preliminary result of Rmb85.7bn. I...