Feb11Feb15 Weekly Wrap-Up

Last Week In Markets: Feb 11 - Feb 15, 2019

Fisher Investments recaps the biggest market, political and economic news from last week, including US retail sales data, eurozone GDP releases and Japanese inflation numbers.

Global stocks rose amid mixed economic data. In the US, data were mixed. December retail sales increased 2.3% y/y. January core inflation (excluding food and energy) rose 2.2% y/y, slightly higher than expected. January industrial and manufacturing production rose 3.8% y/y and 2.9% y/y, respectively. November business inventories fell 0.1% m/m, missing expectations.

European data were also mixed. Eurozone December industrial production fell 4.2% y/y, below forecasts. December exports fell 2.5% y/y and imports rose 1.9% y/y. The second estimate of Q4 2018 GDP was unchanged from the first estimate at 0.2% q/q. In the UK, December industrial and manufacturing production declined 0.9% y/y and 2.1% y/y, respectively, stronger than expected. December exports and imports fell 1.0% y/y and 1.6% y/y, respectively. January core inflation (excluding food and energy) rose 1.9% y/y, in line with forecasts, and the first estimate of Q4 2018 GDP came in at 0.2% q/q, slightly below forecasts.

Japanese December retail sales grew 1.3% y/y, higher than expected. December industrial production decreased 1.9% y/y. The first estimate of Q4 2018 GDP was reported at 0.3% q/q, below the consensus. In China, January loan growth expanded 13.4% y/y, better than expected. January inflation slowed to 1.7% y/y, below forecasts. January exports rose 9.1% y/y and imports fell 1.5% y/y, both better than anticipated.

The Week Ahead:

The US announces January Leading Economic Index data and February flash Markit manufacturing and services Purchasing Managers’ Indexes (PMIs). The eurozone releases February flash Markit manufacturing and services PMIs. Japan releases January trade and inflation data.

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 a Luxembourg tax basis. Past performance is no guarantee of future results. A risk of loss is involved with investments in stock markets.