Fisher Investments Reviews: Last Week in Markets—January 19 - January 23

In the US, the January flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 51.9 and 52.5, respectively. Readings above 50 indicate expansion. The final estimate of Q3 2025 GDP showed 4.4% annualized growth revised up from the previous estimate of 4.3%.

In the UK, December consumer inflation was 0.4% m/m and 3.4% y/y. December core consumer inflation (which excludes energy, food, alcohol, and tobacco) was 0.3% m/m and 3.2% y/y. The January flash S&P Global Manufacturing and Services PMIs were 51.6 and 54.3, respectively, both higher than expected. December retail sales grew 0.4% m/m and 2.5% y/y.

In the eurozone, the January flash HCOB Manufacturing and Services PMIs were 49.4 and 51.9, respectively. December final consumer inflation decelerated to 1.9% y/y. December final core consumer inflation (which excludes energy, food, alcohol, and tobacco) remained at 2.3% y/y.

In Japan, November final industrial production fell 2.7% m/m and 2.2% y/y. December consumer inflation decreased 0.1% m/m and eased to 2.1% y/y. December core inflation rose 2.4% y/y and core-core consumer inflation (excluding fresh food and energy) decelerated to 2.9% y/y. The January flash S&P Global Manufacturing and Services PMIs were 51.5 and 53.4, respectively, both higher than estimates. December preliminary imports and exports were 5.3% y/y and 5.1% y/y, respectively.

In China, Q4 2025 GDP growth expanded 1.2% q/q and 4.5% y/y. December industrial production increased 5.2% y/y, surpassing forecasts. December retail sales grew 0.9% y/y, lower than consensus estimates. The unemployment rate ticked down to 5.1% in December, below consensus forecasts.

The Week Ahead

US and eurozone report Q4 2025 GDP. Japan announces December trade, industrial production and retail sales data. Eurozone and UK release money supply numbers for December, while the US reports November durable orders. Japan and eurozone report their December unemployment rates.

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.