Fisher Investments Reviews: Last Week in Markets — August 3 - August 7

In the US, July final S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 53.9 and 54.6, respectively. Readings above 50 indicate expansion. July nonfarm payrolls decreased by 23,000, below expectations. The unemployment rate ticked down to 4.1% in July, below forecasts.

In the UK, July final S&P Global Manufacturing and Services PMIs were 51.9 and 52.1, respectively. In the eurozone, July final S&P Manufacturing and Services PMIs were 51.9 and 51.7, respectively. June retail sales fell 0.3% m/m and rose 0.7% y/y.

In Japan, July final S&P Global Manufacturing and Services PMIs were 54.5 and 51.2, respectively. In China, July RatingDog Manufacturing and Services PMIs—which include smaller businesses—were 50.9 and 50.4, respectively, both less than expected estimates. July imports and exports rose 27.5% y/y and 23.9% m/m, respectively, both above consensus forecasts.

The Week Ahead

The eurozone reports its second estimate of Q2 2026 GDP. The UK reports its first estimate of Q2 2026 GDP. The UK and eurozone report June industrial production, and the UK reports June manufacturing production. The US reports July consumer inflation and retail sales. Japan reports July bank loans. China releases July money supply and loan growth.

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.