Fisher Investments Reviews: Last Week in Markets—December 8 - December 12

In the US, data were light. On Wednesday, the Federal Reserve cut its fed-funds rate target range 25 basis points (bps) to 3.50% – 3.75%. While many pundits discuss Fed moves as if they are all-important, we caution against overrating monetary policy’s influence—it is only one (of many) variables markets care about. For more, please see our 12/10/2025 commentary, “On the Fed’s ‘Hawkish Cut’.”

In the UK, October GDP contracted 0.1% m/m and expanded 1.1% y/y. October industrial production increased 1.1% m/m and decreased 0.8% y/y. October manufacturing production grew 0.5% m/m and fell 0.8% y/y.

In Japan, the second estimate of Q3 2025 GDP growth showed a 0.6% q/q contraction and 0.6% y/y expansion. October final industrial production increased 1.5% m/m and 1.6% y/y. November bank loans increased 4.2% y/y. In China, November consumer inflation decreased 0.1% m/m and increased 0.7% y/y. November loan growth increased 6.4% y/y. November money supply (M2) increased 8.0% y/y. November imports and exports rose 1.9% y/y and 5.9% y/y, respectively.

The Week Ahead:

The US, UK, eurozone and Japan announce November consumer inflation and preliminary December purchasing managers’ indexes (PMIs). The US, UK and China release November retail sales, while Japan releases October retail sales. The US and eurozone report November industrial and manufacturing production. The US releases November nonfarm payrolls and unemployment. Japan reports November trade data. The Bank of England and European Central Bank meet 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.