Fisher Investments Reviews: Last Week in Markets — August 17 - August 21

In the US, the August flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 53.2 and 56.8, respectively. Readings above 50 indicate expansion. July industrial production increased 0.2% m/m and 1.1% y/y. July manufacturing production grew 0.2% m/m and 1.2% y/y.

In the UK, July core consumer inflation (which excludes energy, food, alcohol, and tobacco) remained at 0.2% m/m and 2.6% y/y, both slightly above expectations. The August flash S&P Global Manufacturing and Services PMIs were 51.5 and 52.8, respectively. The unemployment rate for the three months to June remained at 4.9%, slightly above consensus forecasts. July preliminary retail sales fell 0.5% m/m and rose 1.6% y/y. In the eurozone, July consumer inflation accelerated to 0.2% m/m and 2.9% y/y, matching estimates. July core consumer inflation (which excludes energy, food, alcohol, and tobacco) accelerated to 2.5% y/y, in line with expectations. The August flash S&P Manufacturing and Services PMIs were 52.8 and 51.7, respectively, both higher than expected.

In Japan, the second estimate of Q2 2026 GDP growth was 0.3% q/q, revised down from the previous estimate of 0.5%, and 0.7% y/y, revised up from the previous estimate of 0.5%. July consumer inflation accelerated to 0.4% m/m and 1.9% y/y. July core-core consumer inflation (excluding fresh food and energy) accelerated to and 1.9% y/y. The August flash S&P Global Manufacturing and Services PMIs were 55.1 and 52.3 respectively. June industrial production increased 1.9% m/m and 4.9% y/y, surpassing forecasts. June retail sales grew 0.6% y/y, slightly lower than consensus estimates. July imports and exports grew 27.8% y/y and 23.2% y/y, respectively, both above consensus forecasts. In China, July industrial production increased 4.5% y/y, lower than forecasts. July retail sales also grew 1.2% y/y, lower than consensus estimates.

The Week Ahead:

The US reports Q2 GDP figures, and July durable orders and new home sales. The eurozone releases July money supply (M3). Japan announces July unemployment and trade data.

Source for all data cited is FactSet.[JS1] 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.