Fisher Investments Reviews: Last Week in Markets—July 14 - July 18

In the US, June preliminary durable goods orders fell 9.3% m/m, above expectations. The July flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 49.5 and 55.2, respectively (readings above 50 indicate expansion). New home sales increased 0.6% m/m.

In the UK, June retail sales grew 0.9% m/m and 1.7% y/y, lower than expected. The July flash S&P Global Manufacturing and Services PMIs were 48.2 and 51.2, respectively. In the eurozone, June money supply (M3) increased 3.3% y/y, lower than forecasts. The July flash HCOB Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 49.8 and 51.2, respectively, both higher than expected. The European Central Bank left interest rates unchanged at 2.15%. 

In Japan, data were light. The July flash Jibun Bank Manufacturing and Services PMIs were 48.8 and 53.5, respectively.

The Week Ahead

The US, UK, Japan and China release final July PMIs. The US and eurozone report their first estimates of Q2 2025 GDP. The US, eurozone and Japan release June unemployment. The US releases July nonfarm payrolls. The UK reports June money supply (M4). The eurozone releases July flash consumer inflation. Japan reports preliminary June retail sales, industrial production, and trade data. 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.