Fisher Investments Reviews: Last Week in Markets—April 15 - April 19

In the US, data were light. March retail sales increased 0.7% m/m and 4.0% y/y—both exceeding forecasts. March industrial production rose 0.4% m/m and was flat y/y, while manufacturing production rose 0.5% m/m and 0.8% y/y.

In the UK, March consumer prices rose 3.2% y/y while core consumer prices (excluding energy, food, alcohol and tobacco) rose 4.2% y/y—both slightly above consensus estimates. March retail sales were flat m/m and increased 0.8% y/y. The unemployment rate rose to 4.2% in February. In the eurozone, final March consumer prices rose 2.4% y/y, matching the initial estimate. Final March core consumer prices (excluding energy, food, alcohol and tobacco) rose 2.9% y/y, also in line with the initial estimate. February industrial production increased 0.8% m/m but fell 6.4% y/y, below forecasts.

In Japan, March consumer prices rose 2.7% y/y, while core-core consumer prices (excluding food and energy) rose 2.9% y/y. Preliminary March imports fell 4.9% y/y while exports rose 7.3% y/y. In China, Q1 2024 GDP expanded 5.3% y/y, exceeding expectations. March industrial production grew 4.5% y/y, below forecasts. March retail sales rose 3.1% y/y, missing expectations. The March unemployment rate was 5.2%.

The Week Ahead:

The US, eurozone, UK and Japan report April flash manufacturing and services purchasing managers’ indexes (PMIs). The US releases the first estimate of Q1 2024 GDP, March durable goods orders and March new home sales. The eurozone announces March money supply (M3). Japan reports final March trade data. The Bank of Japan meets to set monetary policy.

Source for all data cited is FactSet. This update constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. No assurances are made we will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Global equities are represented by the MSCI World Index. The MSCI World Index measures the performance of selected stocks in 23 developed countries and is presented net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.