Fisher Investments Reviews: Last Week in Markets—December 1 - December 5

In the US, September industrial production expanded 0.1% m/m and 1.6% y/y, surpassing forecasts. September manufacturing production declined 0.2% m/m but grew 1.5% y/y. The final November S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 52.2 and 54.1, respectively, both higher than initial estimates. Readings above 50 indicate expansion. Although economic indicators are backward looking for stocks, they can be useful tools to take the temperature of the economy. We believe November PMI data indicate global economic growth is faring fine in Q4. For more, please see our 12/04/2025 commentary, “What November PMIs Say.”

In the UK, the final November S&P Global Manufacturing and Services PMIs were 50.2 and 51.3, respectively. October money supply (M4) decreased 0.2% m/m. In the eurozone, the final estimate of Q3 2025 GDP growth was 0.3% q/q (revised up from the previous estimate of 0.2% q/q) and 1.4% y/y (revised down from the previous estimate of 1.6 y/y). October retail sales were flat m/m but grew 1.5% y/y. The unemployment rate held steady at 6.4% in October, higher than expected. Preliminary November consumer inflation accelerated to 2.2% y/y, while the core consumer inflation rate (which excludes energy, food, alcohol, and tobacco) remained at 2.4% y/y. The final November HCOB Manufacturing and Services PMIs were 49.6 and 53.6, respectively, both slightly higher than expected.

In Japan, the final November S&P Global Manufacturing and Services PMIs were 48.7 and 53.2, respectively. In China, the November RatingDog Manufacturing and Services PMIs were 49.9 and 52.1, respectively.

The Week Ahead

The UK and Japan release GDP and October industrial production data. The UK also reports manufacturing production figures. China announces November loan growth, money supply and trade data. The US Federal Reserve meets to set monetary policy.

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.