GOLDMAN SACHS ON GLOBAL MARKET

• Expects global growth to remain resilient in 2027, with US GDP growth near 2% and Europe and Japan above 1%. • US EQUITIES: S&P 500 earnings growth estimated at 36% in 2026, moderating to 11% in 2027. • EMERGING MARKETS: Earnings growth estimated at 65% in 2026 and 20% in 2027, outperforming developed markets. • AI INVESTMENTS: Strong AI spending supports earnings, but elevated valuations and funding requirements pose risks. • US FED: Inflation trends remain critical to future interest-rate decisions; financial conditions and tariff pressures are key monitorables. • EQUITIES: Prefers quality companies with strong balance sheets, sustainable earnings and attractive valuations. • COPPER: Sees upside potential from electrification, data centres and energy-security demand amid constrained mine supply. • GOLD: Central bank demand remains robust, supporting the outlook. • CRUDE OIL: Expects energy prices to moderate as supply-demand conditions normalise; Middle East tensions and colder weather remain upside risks. • CREDIT MARKETS: Cautious on AI-linked technology debt and selected high-yield segments due to potential funding pressures and spread widening.

T & I GLOBAL LTD.

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