Personal Wealth Management / Weekly Wrap-Up

Fisher Investments Reviews: Last Week in Markets—June 3 - June 7

Fisher Investments recaps the biggest market, political and economic news from last week, including S&P Global Manufacturing and Services PMIs, durable goods orders, payrolls and unemployment.

In the US, the final May S&P Global Manufacturing Purchasing Managers’ Index (PMI) was revised to 51.3—higher than the flash estimate of 50.9. The May S&P Global Services PMI was confirmed at 54.8. Readings over 50 indicate expansion. Final April durable goods orders rose 0.7% m/m. May nonfarm payrolls increased by 272,000—the largest increase in five months. The unemployment rate edged up to 4.0% in May, slightly higher than forecasts.

 In the UK, the final May S&P Global Manufacturing and Services PMIs were 51.2 and 52.9, respectively. In the eurozone, the final May HCOB Global Manufacturing and Services PMIs were revised down to 47.3 and 53.2, respectively. April retail sales fell 0.5% m/m and were flat y/y, both below forecasts. The third estimate of Q1 2024 GDP confirmed 0.3% q/q and 0.4% y/y growth. The European Central Bank (ECB) cut its policy rates by 25 basis points, in line with expectations. Many wonder what the ECB might do next, especially compared to the Fed. But we believe rate cuts simply aren’t as critical for the economy and stocks as many think. For more, please see our 6/6/2024 commentary, “The ECB’s Follow-Through Thursday.”

 In Japan, the final May Jibun Bank Manufacturing and Services PMIs were 50.4 and 53.8, respectively. In China, the May Caixin Manufacturing and Services PMIs were 51.7 and 54.0, both above expectations. May imports and exports rose 1.8% y/y and 7.6% y/y, respectively.

The Week Ahead

The US and China release May consumer inflation figures. The UK reports April manufacturing production and GDP while Japan reports its second estimate of Q1 2024 GDP. The UK, eurozone and Japan release April industrial production. Japan and China report May loan growth. China releases May money supply (M2) data. The US Federal Reserve and Bank of Japan meet to set their respective monetary policies.

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.

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