Fisher Investments Reviews: Last Week in Markets—February 16 - February 20

In the US, the first estimate of Q4 2025 GDP showed 1.4% annualized growth, below expectations. The February flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 51.2 and 52.3, respectively. Readings above 50 indicate expansion. January industrial production increased 0.7% m/m and 2.3% y/y, while manufacturing production increased 0.6% m/m and 2.4% y/y. Preliminary durable goods orders fell 1.4% in December, slightly lower expectations.

In the UK, the February flash S&P Global Manufacturing and Services (PMIs) were 52.0 and 53.9, respectively, both better than expected. January consumer inflation decreased 0.5% m/m and increased 3.0% y/y. January core consumer inflation (which excludes energy, food, alcohol, and tobacco) decreased 0.6% m/m and increased 3.1% y/y. January retail sales rose 1.8% m/m and 4.5% y/y. In the eurozone, the February flash HCOB Manufacturing and Services PMIs were 50.8 and 51.8, respectively. December industrial production fell 1.4% m/m and rose 1.2% y/y.

In Japan, the first estimate of Q4 2025 GDP growth was 0.1% q/q and 0.1% y/y, below forecasts. The February flash S&P Global Manufacturing and Services (PMIs) were 52.8 and 53.8, respectively. January consumer inflation increased 1.5% y/y, while core-core consumer inflation (excluding fresh food and energy) increased 2.6% y/y. December industrial production fell 0.1% m/m and rose 2.6% y/y. December retail sales fell 7.9% y/y.

The Week Ahead

The eurozone reports January consumer inflation and money supply (M3). Japan releases January trade data, preliminary industrial production and preliminary retail sales.

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.