Fisher Investments Reviews: Last Week in Markets—February 5 - February 9

In the US, the final January S&P Global Services Purchasing Managers’ Index (PMI) was revised down to 52.5 (readings above 50 indicate expansion). December exports and imports grew 1.5% m/m and 1.3% m/m, respectively.

In the UK, the final January S&P Global Services PMI was revised higher to 54.3. In the eurozone, the final January HCOB Services PMI was unchanged from the preliminary estimate at 48.4. December retail sales fell 1.1% m/m and 0.8% y/y.

In Japan, the final January Jibun Bank Services PMI was revised higher to 53.1. In January, money supply (M2) expanded 2.4% y/y while bank lending increased 3.1% y/y. In China, the January Caixin Services PMI was 52.7, matching consensus forecasts. January consumer prices rose 0.3% m/m but fell 0.8% y/y, both below consensus estimates. January money supply (M2) increased 8.7% y/y while the value of outstanding loans grew 10.4% y/y.

The Week Ahead:

The UK and Japan announce the first estimate of Q4 2023 GDP, while the eurozone reports its second estimate. The US and UK release January consumer prices and retail sales, while Japan releases December retail sales. The US reports January industrial and manufacturing production. The eurozone, UK and Japan report December industrial production. The UK also reports December manufacturing production and December unemployment 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 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.