Last Week In Markets: Nov 21 - Nov 25 2022

In the US, the November S&P Global Flash Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 47.6 and 46.1, respectively (readings below 50 indicate contraction). October durable goods orders grew 1.0% m/m, above expectations. October new home sales increased 7.5% m/m. As Black Friday—the traditional US holiday season shopping kickoff—passes, we caution investors against relying heavily on holiday sales data to make forward-looking investing decisions. Whatever holiday demand is now, it will largely be a function of the economic conditions already in place—and will likely tell us little about how those conditions change in the future. For more, please see our 11/23/2022 commentary: “Annual Reminder: Black Friday Is No Economic Barometer.”

In the eurozone, the November S&P Global Flash Manufacturing and Services PMIs were 47.3 and 48.6, respectively. In the UK, the November Flash S&P Global/CIPS Flash Manufacturing and Services PMIs were 46.2 and 48.8, respectively.

In Japan, the November Jibun Bank Flash Manufacturing and Services PMIs were 49.4 and 50.0, respectively.

The Week Ahead:

The US, eurozone, UK and Japan release final November PMIs, while China releases its sole reading. The US reports November nonfarm payrolls, unemployment data and the second estimate of Q3 2022 GDP. The eurozone announces November consumer prices, and October money supply (M3) and unemployment figures. The UK releases October money supply (M4). Japan reports October industrial production, trade data, retail sales and unemployment numbers.

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.