Weekly Wrap-Up

Last Week In Markets: Nov 22 - Nov 26 2021

Fisher Investments recaps the biggest market, political and economic news from last week, including US Q3 2021 GDP estimates, October eurozone money supply and October Japanese trade data.

In the US, the November Markit Flash Manufacturing Purchasing Managers’ Index (PMI) rose to 59.1, matching expectations, while the November Markit Flash Services PMI fell to 57.0, missing expectations. The second estimate of Q3 2021 GDP growth was revised up to 2.1% annualized, slightly lower than anticipated. October new home sales rose 0.4% m/m, lower than the consensus forecast. Preliminary October durable goods orders decreased 0.5% m/m, missing estimates. However, when excluding the more volatile transportation-related orders, durable goods orders increased 0.5% m/m.

In the eurozone, the November Markit Flash Manufacturing and Services PMIs rose to 58.6 and 56.6, respectively—both above expectations. October money supply (M3) expanded 7.7% y/y, slightly higher than anticipated. In the UK, the November Markit/CIPS Flash Manufacturing PMI rose to 58.2 while the Services PMI fell slightly to 58.6.

In Japan, the November Jibun Bank Flash Manufacturing and Services PMIs were 54.2 and 52.1, respectively—both beating consensus estimates. October imports and exports rose 26.7% y/y and 9.4% y/y, respectively—both lower than estimates.

The Week Ahead:

The US, UK, eurozone, China and Japan announce final November PMI readings. The US releases November unemployment data. The eurozone and Japan release October unemployment figures. The US also provides its final October durable goods figures. Japan releases preliminary October industrial production figures. The eurozone and Japan report October retail sales.