European Diversified Industrials Data Map, Part 2
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Abstract
Goldman Sachs' European Diversified Industrials data map (part 2, September 2026) tracks roughly 1,000 high-frequency indicators across end markets and regions to gauge industrial activity and read through to covered companies. General industrials improved sequentially: EU and China manufacturing PMIs rose to 52.5 and 51.5 in August (from 51.7 and 50.9), while the US eased to 54.6; US/EU industrial production slowed to +1.1%/+4.5% year-over-year in July. Trucks decelerated, with US Class 8 net orders down year-over-year and month-over-month and the LMI at 66.6, above its long-run average of 62 but a six-month low; autos weakened in France but improved in Germany, the UK and Spain. Semiconductors stayed strong: TSMC July sales rose about 45% year-over-year, three-month-average global semiconductor manufacturing sales about 124%, and DDR5 16G prices about 813% in Q3. Commodity trends were firm, with August year-over-year gains of roughly 48% copper, 25% aluminum, 527% tungsten APT and 89% European natural gas. Construction ran above average in developed markets but weakened in China (US housing starts -14%; China GFA starts about -28%). Credit surveys were mixed, with business and consumer lending improving and residential weakening, while aviation and shipping activity improved (RPK/ASK back to positive; Baltic Dry Index at 2,939).
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