Fisher Investments Reviews: Last Week in Markets—April 13 - April 17

In the US, March industrial production decreased 0.5% m/m and increased 0.7% y/y. March manufacturing production declined 0.1% m/m and grew 0.5% y/y.

In the UK, February industrial production increased 0.5% m/m and decreased 0.4% y/y, while manufacturing production declined 0.1% m/m and 0.5% y/y, lower than estimates. GDP expanded 0.5% m/m and 1.0% y/y in February, above expectations. Despite fear over the UK’s exposure to economic risks from the war in Iran, we see continued high potential for economic reality there to keep beating expectations. For more, please see our 4/16/2026 commentary “An Economic Check In on the UK”. In the eurozone, March consumer inflation rose 2.6% y/y, while core consumer inflation (which excludes energy, food, alcohol, and tobacco) decelerated to 2.3%. February industrial production rose 0.4% m/m and contracted 0.6% y/y.

In Japan, February industrial production decreased 2.0% m/m and increased 0.4% y/y. February final retail sales fell 0.1% y/y. In China, Q1 2025 GDP expanded 1.3% q/q and 5.0% y/y. March industrial production increased 5.7% y/y, higher than expected. March retail sales grew 1.7% y/y, lower than forecasts. March loan growth increased 5.7% y/y. March money supply (M2) rose 8.5% y/y, lower than forecasts. March imports grew 27.8% y/y, exceeding expectations, while exports rose 2.5% y/y, below forecasts.

The Week Ahead

The US, UK, eurozone, and Japan release preliminary April Purchasing Managers’ Indexes (PMIs). The US and UK announce March retail sales. The UK and Japan report March consumer inflation. Japan releases preliminary March trade 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.