Fisher Investments Reviews: Last Week in Markets—April 27 - May 1

In the US, the first estimate of Q1 2026 GDP showed 2.0% annualized growth, below expectations but accelerating from Q4 2025’s 0.5% annualized growth. Looking ahead, we expect the US economy to keep chugging along and supporting the global bull market. For more, please see our 4/30/2026 commentary, Q1 GDP Reveals America on Firm Footing. The April final S&P Global Manufacturing Purchasing Managers’ Index (PMI) was 54.5, higher than expected. Readings above 50 indicate expansion. Preliminary durable goods orders rose 0.8% m/m in March, beating expectations.

In the UK, the April final S&P Global Manufacturing PMI was revised up to 53.7. March money supply (M4) increased 0.8% m/m, higher than forecasts. The Bank of England left their benchmark Bank Rate unchanged at 3.75%, in line with expectations. In the eurozone, the first estimate of Q1 2026 GDP growth was 0.1% q/q and 0.8% y/y, both slightly below forecasts. Preliminary April consumer inflation increased 3.0% y/y, while preliminary core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.2% y/y. March money supply (M3) rose 3.2% y/y, slightly higher than estimates. The unemployment rate ticked down to 6.2% in March, in line with expectations.

In Japan, the April final S&P Global Manufacturing PMI was 55.1, higher than estimates. March preliminary industrial production decreased 0.5% m/m and increased 2.3% y/y. March retail sales rose 1.3% m/m and 1.7% y/y. The unemployment rate ticked up to 2.7% in March, above forecasts. The Bank of Japan left interest rates unchanged at 0.75%. In China, the April NBS Manufacturing and Non-Manufacturing PMIs—focused on large, state-owned firms—were 50.3 and 49.4, respectively. The March RatingDog Manufacturing PMI—which includes smaller businesses—was 52.2, higher than expected.

The Week Ahead

The US, UK, eurozone, Japan and China release final April Services PMIs. The US reports April nonfarm payrolls and unemployment. The eurozone reports March retail sales. China releases April loan growth and money supply.

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.