India and China H-shares offer refuge from AI-driven market sell-off: Goldman Sachs
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Goldman Sachs’ Tim Moe sees India and China H-shares as relative outperformers amid the AI-driven sell-off, given their lower exposure to technology hardware stocks. He says India's stronger-than-expected economic resilience, despite elevated oil prices and foreign outflows, is
Directly affected
- GS Goldman Sachs Group+0.6% 30d
Named in this report.
Indirectly affected
- USO United States Oil Fund-5.0% 30d
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR+6.9% 30d
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- QQQ Invesco QQQ-9.8% 30d
Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story.
- BWET Breakwave Tanker Shipping ETF-3.3% 17d
Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story.
- FXI iShares China Large-Cap ETF-5.1% 30d
iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”).
- INDA iShares MSCI India ETF-4.1% 16d
iShares MSCI India ETF holds stocks listed in India, which this story is about (“india”).
- XOM ExxonMobil Holdings-2.7% 17d
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- MSFT Microsoft+11.8% 30d
Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| GS | +2.94% | +3.14% | base | after close | after close | after close | after close |
| USONo price data for this ticker | — | — | — | — | — | — | — |
| XLENo price data for this ticker | — | — | — | — | — | — | — |
| QQQ | +6.56% | +5.75% | base | after close | after close | after close | after close |
| BWETNo price data for this ticker | — | — | — | — | — | — | — |
| FXI | -5.13% | -4.93% | base | after close | after close | after close | after close |
| INDA | -4.71% | -2.79% | base | after close | after close | after close | after close |
| XOMNo price data for this ticker | — | — | — | — | — | — | — |
| MSFT | -2.67% | -2.88% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
India and China H-shares offer refuge from AI-driven market sell-off: Goldman Sachs CNBC
Source: CNBC
This story
| Company | When | Move | Status |
|---|---|---|---|
| FXI | three days earlier | -4.93% | final price |
| FXI | five days earlier | -5.13% | final price |
| GS | three days earlier | +3.14% | final price |
| GS | five days earlier | +2.94% | final price |
| INDA | three days earlier | -2.79% | final price |
| INDA | five days earlier | -4.71% | final price |
| MSFT | three days earlier | -2.88% | final price |
| MSFT | five days earlier | -2.67% | final price |
| QQQ | three days earlier | +5.75% | final price |
| QQQ | five days earlier | +6.56% | final price |
Congressional trades in the stocks in this story
- Rep. Maria Elvira Salazar sold Goldman Sachs Group (GS), worth $1,001 - $15,000 on 24 Sep 2026. That is 43 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael Rulli bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 3 Sep 2026. That is 64 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Gilbert Cisneros bought Goldman Sachs Group (GS), worth $1,001 - $15,000 on 26 Aug 2026. That is 72 days before publication. Filed 10 Sep 2026. View the filing.
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 23 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 67 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Microsoft (MSFT) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 35 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Lisa McClain bought Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 30 Sep 2026. That is 37 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Michael Rulli sold Microsoft (MSFT), worth $1,001 - $15,000 on 28 Sep 2026. That is 39 days before publication. Filed 2 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
This story
12 out of 100
“India and China H-shares offer refuge from AI-driven market sell-off: Goldman Sachs” scores 12 out of 100. The score uses 1 sources.