Goldman Sachs: tech and semiconductors have been the main source of upward earnings revisions since 2026, supported by AI-driven capex and equity gains. But investors are increasingly reluctant to pay higher multiples for more cyclical earnings; rising leverage across the AI supply chain and elevated long-term rates are constraining valuation expansion. Goldman still sees scope to raise AI capex forecasts and warns compute demand may outstrip supply through 2028; market implications hinge on AI

Sept. 7 — At a regular briefing, Chinese Foreign Ministry spokesperson Mao Ning said the outcome of Saxony‑Anhalt’s state election is Germany’s internal affair and China would not comment. Asked whether Beijing would deepen ties with the Alternative for Germany (AfD) after the party’s win and its candidate Sigmund’s remark that Germany will need China for future development, Mao said China’s position on developing China‑Germany relations remains unchanged.

Nomura reports Lululemon (LULU.O) posted FY2026 Q2 constant-currency revenue down 5% YoY to $2.42bn, missing the $2.46bn consensus. Operating income fell 13% YoY to $454m; operating margin dropped 1.9ppt to 18.8%. Management cut FY2026 revenue guidance to a 5–7% decline YoY, implying ~$10.35–10.5bn vs. market expected $10.98bn. Management flagged a slowdown in mainland China, saying negative social-media commentary on its China promotions and absence from post-618 discounting hurt e-commerce performance; it expects intense competition in North America and China, will prioritize full-price growth in China and will participate normally in Double 11, and still views mainland China as an expansion opportunity. Within its China sportswear coverage, Nomura prefers Anta (02020.HK), citing structural upside from outdoor and emerging sports and a multi-brand strategy that should help navigate industry competition.