Fisher Investments Reviews: Last Week in Markets—November 18 - November 22

In the US, the flash November S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 48.8 and 57.0, respectively (readings above 50 indicate expansion).

In the eurozone, the flash November HCOB Manufacturing and Services PMIs were 45.2 and 49.2, respectively. October headline consumer inflation accelerated to 2.0% y/y from 1.7% y/y in September. The October core consumer inflation rate (which excludes energy, food, alcohol and tobacco) was 2.7% y/y, matching September’s rate. In the UK, the flash November S&P Global Manufacturing and Services PMIs were 48.6 and 50.0, respectively. October retail sales fell 0.7% m/m and rose 2.4% y/y. October retail sales excluding fuel decreased 0.9% m/m and increased 2.0% y/y. October headline consumer inflation accelerated to 2.3% y/y from 1.7% y/y in September. News coverage sensibly attributed this to an expected rise in the energy price cap—a blip, not a big flip in inflation. October core consumer inflation accelerated slightly to 3.3% y/y from 3.2% y/y in September. For more, please read our 11/20/2024 commentary, “Rounding Up Recent Economic Data From Britain, Japan, China and America.”

In Japan, the flash November Jibun Bank Manufacturing and Services PMIs were 49.0 and 50.2, respectively. Preliminary October imports and exports rose 0.4% y/y and 3.1% y/y, respectively. October headline consumer inflation decelerated to 2.3% y/y from 2.5% y/y in September. October core-core consumer inflation (which excludes fresh food and energy) accelerated to 2.3% y/y from 2.1% y/y in September.

The Week Ahead:

The US releases October new home sales, October durable goods orders and the second estimate of Q3 2024 GDP. The UK reports October money supply (M4). The eurozone reports October money supply (M3) and November consumer inflation. Japan releases the October unemployment rate, October industrial production and October retail sales. China reports November manufacturing and services PMIs.

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.