Fisher Investments Reviews: Last Week in Markets—April 20 - April 24

Global equities fell. In the US, the April preliminary S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 54.0 and 51.3, respectively, both higher than expected. Readings above 50 indicate expansion. March retail sales grew 1.7% m/m and 4.0% y/y, higher than consensus estimates.

In the UK, March consumer inflation rose to 0.7% m/m and 3.3% y/y. March core consumer inflation (which excludes energy, food, alcohol, and tobacco) rose to 0.4% m/m and 3.1% y/y, both below expectations. The April preliminary S&P Global Manufacturing and Services PMIs were 53.6 and 52.0, respectively. March retail sales grew 0.7% m/m and 1.7% y/y, higher than consensus estimates. The unemployment rate rose to 4.9% in February, below consensus forecasts. In the eurozone, April S&P Global Manufacturing and Services PMIs were 52.2 and 47.4, respectively.

In Japan, March consumer inflation accelerated to 0.4% m/m and 1.5% y/y. March core-core consumer inflation (excluding fresh food and energy) fell to 2.4% y/y. The April flash S&P Global Manufacturing and Services PMIs were 54.9 and 51.2, respectively. March imports and exports rose 10.9% y/y and 11.7% y/y, respectively, both above consensus forecasts.

The Week Ahead

The US and eurozone releases 2026 Q1 GDP. The US, UK, Japan, and China release April purchasing managers’ indexes (PMIs). The US reports on March durable goods orders. Eurozone and UK report on money supply. Eurozone and Japan report on March unemployment rate. Japan reports on March retail sales, trade data, and industrial production.

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.