Goldman Sachs FICC and Equities

The surge in AI-related debt issuance has been in focus for the market in recent months. Is this trend a cause for concern or does it simply mark a new chapter in the AI trade? Global Banking and Markets’ Tony Pasquariello and Josh Schiffrin, and Goldman Sachs Research’s Dominic Wilson, discussed the strength of the US labor market, expectations ahead of the December rate cut, views on the AI trade and more on the latest episode of The Breaks of the Game, now live on YouTube: http://ms.spr.ly/6041trxJP

Portfolio trading has emerged as a critical tool for institutional investors navigating the US corporate bond market. Modest reforms to the TRACE reporting system could further enhance key improvements in market liquidity and execution quality.   To learn more about our recommendations to further drive market growth and innovation, read our latest report on the evolution of corporate bond trading: https://lnkd.in/erbcupzY

Today marks the 2-year anniversary of Marquee MarketView! 🎉 With 2.5 million analytics from more than 800 Goldman Sachs thought leaders, MarketView delivers a rich ecosystem of insights that answer key questions in global markets. Happy anniversary, MarketView! Learn more: http://ms.spr.ly/6044tOVRw

Investors view AI as both the biggest opportunity and the biggest risk for the final stretch of 2025. That’s according to our November institutional investor survey. See highlights below and the full results on Marquee: http://ms.spr.ly/6041tJAzv

Macro views should not get in the way of your micro investments ✍️ That’s according to Davidson Kempner Capital Management's Tony Yoseloff, managing partner and chief investment officer, who joined Global Banking and Markets’ Tony Pasquariello to discuss the current macro setup, keys to investing across different market cycles, and opportunities in the alternative investing landscape. Listen to the full discussion: http://ms.spr.ly/6042tJR0p

European markets are stronger than they might seem. That’s according to a report by New Financial think tank, in partnership with Goldman Sachs. The report found that once alternative trading mechanisms and venues are taken into account, the total level of addressable liquidity in Europe – inclusive of EU, UK, and Switzerland – is more than twice the volume available on the electronic order books of national exchanges, or the “lit” primary market. Global Banking and Markets’ Eleanor Beasley dives deeper into the state of European stock market and how it could evolve from here: http://ms.spr.ly/6040tHJJ8

After an exceptional rally to start 2025 - spot gold climbed over 60% between January and mid-October - the gold complex experienced a significant sell-off last week. Despite the volatility, most investors are holding firm on their gold positions for now. That’s according to our survey of more than 500 institutional clients. See the full analysis from Global Banking and Markets’ Brian Garrett on Marquee: http://ms.spr.ly/6047tBAxB

With two more FOMC meetings to go, there is a growing consensus around the Fed’s path into yearend. What happens in 2026 is less clear, as markets debate how the Fed will balance signals from US growth versus the labor market. Global Banking and Markets’ Tony Pasquariello and Josh Schiffrin, and Goldman Sachs Research’s Dominic Wilson, discussed the biggest risks to watch into yearend, including private credit worries, the labor market, AI bubble debate, and more on the latest episode of The Breaks of the Game, now live on YouTube: http://ms.spr.ly/6044t6ybK

Whether it’s the renewed tariff tensions, the ongoing US government shutdown, or AI bubble jitters, it’s clear that global markets have been navigating uncharted waters as of late. One particular corner of the market, however, seems to be taking this volatility in stride: retail traders. Bobby Molavi, head of EMEA execution services and European primary distribution, shared the top themes he is watching into yearend, including AI debates, trade headlines, and more: http://ms.spr.ly/6042sCPSE