Fisher Investments Reviews: Last Week in Markets—December 22 - December 26

In the US, the first estimate of Q3 2025 GDP showed 4.3% q/q annualized growth, above consensus forecasts. This figure helped offset weaknesses such as a significant slowdown in business investment and continued declines in residential real estate. However, the headline number alone doesn’t fully capture underlying economic trends and should be interpreted with care. For more, please see our commentary 12/23/2025 “An Archaeological Dig into US GDP Data.” Preliminary durable goods orders fell 2.2% m/m in October, below expectations. November industrial production increased 0.2% m/m and 2.5% y/y. November manufacturing was flat m/m and 1.9% y/y.

In the UK, the second estimate of Q3 2025 GDP growth was 0.1% q/q and 1.3% y/y, in line with the previous estimates. Final Q3 imports and exports grew 0.3% q/q and 0.2% q/q, respectively.

In Japan, November preliminary industrial production decreased 2.6% m/m and decreased 2.1% y/y. The unemployment rate was unchanged at 2.6% in November, matching consensus forecasts. November retail sales fell 6.2% y/y. November imports and exports rose 1.3% y/y and 6.1% y/y, respectively.

The Week Ahead:

The US, UK, eurozone and China report December Global Purchasing Managers’ Manufacturing Indexes (PMIs). Eurozone releases money supply (M3) data.

Tip of the Week

Fisher Investments’ offices and US markets will be closed on Thursday, January 1 in observance of New Year’s Day. Our offices will reopen Friday, January 2.

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.