Fisher Investments Reviews: Last Week in Markets—August 25 - August 29

In the US, July preliminary durable goods orders fell 2.8% m/m, above expectations. The second estimate of Q2 2025 GDP showed 3.3% annualized growth, revised up from the previous estimate of 3.1%.

In the eurozone, data were light. July money supply (M3) increased 3.4% y/y, lower than estimates.

In Japan, the unemployment rate ticked down to 2.3% in July, below expectations. July preliminary industrial production fell 1.6% m/m and 0.9% y/y. July preliminary retail sales decreased 1.6% m/m and rose 0.3% y/y. July imports and exports fell 7.4% y/y and 2.6% y/y, respectively. In China, the August NBS Manufacturing and Non-Manufacturing Purchasing Managers’ Indexes (PMIs)—focused on large, state-owned firms—were 49.4 and 50.3, respectively, both in line with expectations. Readings above 50 indicate expansion.

The Week Ahead

The US, UK, eurozone, Japan and China release final August PMIs. The US reports August nonfarm payrolls and unemployment. The UK and eurozone release July retail sales. The UK reports July money supply (M4). The eurozone releases its third estimate of Q2 2025 GDP and August flash consumer inflation.

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.