Weekly Wrap-Up

Last Week In Markets: Dec 23 - Dec 27, 2019

Fisher Investments recaps the biggest market, political and economic news from last week, including US durable goods orders and Japanese LEI data.

Global equities rose amid a holiday-shortened week. In the US, economic data were light. November preliminary durable goods orders fell 2.0% m/m, missing expectations. Meanwhile, November new home sales increased 1.3% m/m, beating forecasts.

In Asia, Japan’s final October Leading Economic Index (LEI) fell 0.2% m/m to 91.6, slightly less than the preliminary estimate of 91.8. Preliminary November industrial production fell 0.9% m/m, better than expected. November retail sales increased 4.5% m/m but declined 2.1% y/y.  The November unemployment rate fell to 2.2%, lower than the 2.4% forecast.

The Week Ahead:

Data reports are light in another holiday-shortened week. The US releases the final December Markit manufacturing Purchasing Managers’ Index (PMI) along with the December ISM manufacturing PMI. The eurozone announces final December Markit manufacturing PMI, November money supply and November loan growth figures. The UK reports the final December Markit/CIPS manufacturing PMI. China reports the December official manufacturing and non-manufacturing PMIs as well as the December Caixin Manufacturing PMI.

Tip of the Week:

Fisher Investments’ offices will be closed on Wednesday, January 1 for New Year’s Day. We wish you and your families a safe and happy new year!

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.