Weekly Wrap-Up

Last Week In Markets: Mar 21 - Mar 25 2022

Fisher Investments recaps the biggest market, political and economic news from last week including March Purchasing Managers' Index (PMI) readings for the US, eurozone, UK and Japan, retail sales numbers for the UK and eurozone money supply (M3).

In the US, the March Markit Manufacturing and Services Flash Purchasing Managers’ Indexes (PMIs) increased to 58.5 and 58.9, respectively. Readings above 50 indicate expansion. February new home sales decreased 2.0% m/m, lower than consensus estimates. Preliminary February durable goods orders fell 2.2% m/m, missing forecasts. Initial jobless claims dropped to 187,000 for the week ending March 19, below market expectations and the lowest level for initial claims since 1969.

In the eurozone, the March Markit Manufacturing and Services Flash PMIs were 57 and 54.8, respectively—both exceeding expectations. Money supply (M3) modestly slowed to 6.3% y/y in February from 6.4% y/y in the previous month, in line with expectations. In the UK, the March Markit Manufacturing and Services Flash PMIs were 55.5 and 61, respectively. February core consumer prices (excluding food, energy, alcohol and tobacco) rose to 5.2% y/y, above consensus forecasts. February retail sales declined 0.3% m/m, but increased 7.0% y/y.

In Japan, the March Jibun Bank Manufacturing and Services PMIs rose slightly to 53.2 and 48.7, respectively.

The Week Ahead:

The US, UK, eurozone, China and Japan report final March PMIs. The US, eurozone and Japan release unemployment figures. The US and UK announce their third and second estimates of Q4 2021 GDP, respectively. The eurozone releases March inflation data. Japan reports preliminary February industrial production and retail sales.

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.