Fisher Investments Reviews: Last Week in Markets—July 13 - July 17

In the US, June consumer inflation slowed to -0.4% m/m and 3.5% y/y, both below estimates. June core consumer inflation (excluding food and energy) slowed to 0.0% m/m and 2.6% y/y, both below estimates. June industrial production increased 0.1% m/m and 1.1% y/y. June manufacturing production was stagnant at 0.0% m/m and increased 1.1% y/y. June retail sales grew 0.2% m/m, lower than consensus estimates.

In the UK, May GDP expanded 0.1% m/m and 1.3% y/y. May industrial production decreased 0.5% m/m and increased 1.0% y/y. May manufacturing production grew 0.1% m/m and 2.3% y/y. In the eurozone, June final consumer inflation slowed to 2.8% y/y. June final core consumer inflation (which excludes energy, food, alcohol, and tobacco) slowed to 2.4% y/y. May industrial production decreased 0.2% m/m and 1.2% y/y, lower than forecasts.

In Japan, May industrial production increased 0.1% m/m and decreased 2.1% y/y. May retail sales grew 5.0% y/y. In China, Q2 2026 GDP growth expanded 0.9% q/q and 4.3% y/y. June retail sales grew 1.3% y/y June money supply (M2) increased 8.0% y/y, lower than forecasts. June loan growth increased 5.2% y/y. June imports and exports rose 36.0% y/y and 27.0% y/y, respectively, both well above consensus forecasts. The June unemployment rate rose to 5.0%.

The Week Ahead:

The US, UK, eurozone, and Japan reports July Purchasing Managers’ Indexes (PMIs). The US reports on July new home sales. The UK releases June retail sales. The UK and Japan report June consumer inflation. Japan releases June trade data. The European Central Bank 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.