Fisher Investments Reviews: Last Week in Markets — August 24 - August 28

In the US, the second estimate of Q2 2026 GDP showed +1.5% annualized growth, in line with the previous estimate. July new home sales fell -10.5% m/m. July preliminary durable goods orders rose +1.1% m/m, above expectations. On Friday, Federal Reserve (Fed) Chair Kevin Warsh delivered a much-anticipated keynote speech at the Fed’s annual central banker symposium at Jackson Hole, Wyoming. Financial coverage focused on Warsh’s inflation comments—with some presuming a hike is coming in September—though we think that is a bridge too far. To us, the speech was mostly a nothingburger—which isn’t a bad thing. Fewer fireworks from the Fed would be a welcome change—one that likely helps, not hurts, Fed credibility. For more, please see our 8/28/2026 commentary, “A Retro Fed for the Future?”

In the eurozone, July money supply (M3) increased +3.4% y/y, slightly higher than forecasts. In Japan, the unemployment rate ticked down to 2.4% in July. July imports and exports rose +27.9% y/y and +23.2% y/y, respectively.

The Week Ahead:

The US, UK, eurozone, Japan and China report final August purchasing managers' indexes (PMIs). The US reports August nonfarm payrolls. The US and eurozone announce August and July unemployment rates, respectively. The UK reports July money supply. The eurozone releases preliminary August inflation numbers. The eurozone and Japan release July retail sales data. Japan reports July industrial production.

Tip of the Week

Fisher Investments’ offices and US markets will be closed on Monday, September 7 in observance of Labor Day. Our offices will reopen Tuesday, September 8.

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.