Fisher Investments Reviews: Last Week in Markets—January 12 - January 16

In the US, December headline consumer inflation remained steady at 2.7% y/y, matching expectations. December core consumer inflation (excluding food and energy) remained at 2.6% y/y, lower than anticipated. Industrial production increased 0.4% m/m and 2.0% y/y in December, while manufacturing production grew 0.2% m/m and 2.0 % y/y. November retail sales grew 0.6% m/m and 3.3% y/y.

In the UK, November GDP expanded 0.3% m/m and 1.4% y/y. November industrial production increased 1.1% m/m and 2.3% y/y, surpassing forecasts. November manufacturing production grew 2.1% m/m and 2.1% y/y, higher than estimates. In the eurozone, November industrial production increased 0.7% m/m and 2.5% y/y, surpassing forecasts.

In Japan, November retail sales fell 6.1% y/y. November bank lending increased 4.4% y/y, above expectations. In China, December money supply (M2) increased 8.5% y/y, higher than expected. December imports and exports rose 5.7% y/y and 6.6% y/y, respectively, both above forecasts. Bank lending increased 6.4% y/y in December, higher than anticipated.

The Week Ahead:

The US, UK, eurozone, and Japan release January preliminary purchasing managers’ indexes (PMIs). The UK, eurozone and Japan report December consumer inflation. The UK and China release December retail sales. Japan releases November industrial production and December preliminary trade data. China releases Q4 2025 GDP. The Bank of Japan 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.