Fisher Investments Reviews: Last Week in Markets—December 29 - January 2

In the US, data were light. The December final S&P Global Manufacturing Purchasing Managers’ Index (PMI) was 51.8, in line with estimates. Readings above 50 indicate expansion.

In the UK, the December final S&P Global Manufacturing PMI was 50.6, lower than expected. In the eurozone, December final HCOB Manufacturing PMI was 48.8, below expectations. December money supply (M3) increased 3.0% y/y, higher than forecasts.

In China, the December NBS Manufacturing and Non-Manufacturing Purchasing Managers’ Indexes (PMIs)—focused on large, state-owned firms—were 50.1 and 50.2, respectively, both higher than expected. The December RatingDog Manufacturing PMI was 50.1, above expectations.

The Week Ahead

The US, UK, eurozone, Japan and China report December final Services PMIs. The US releases December unemployment data and nonfarm payrolls. The UK reports November money supply (M4). The eurozone reports November retail sales and unemployment and December consumer inflation. China reports December loan growth and money supply (M2).

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.