Fisher Investments Reviews: Last Week in Markets — July 20 - July 24

.In the US, data were light. The July flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 53.8 and 53.6, respectively.

In the UK, the July flash S&P Global Manufacturing and Services PMIs were 52.8 and 51.8, respectively, both higher than expected. June consumer inflation slowed to 0.1% m/m and slowed to 2.6% y/y, while core consumer inflation (which excludes energy, food, alcohol, and tobacco) remained unchanged at 0.3% m/m and 2.6% y/y. June retail sales grew 1.0% m/m and 4.2% y/y, above estimates. The unemployment rate remained unchanged at 4.9% in May. In the eurozone, the July flash S&P Global Manufacturing and Services PMIs were 52.0 and 51.6, respectively, both higher than expected. The European Central Bank left interest rates unchanged at 2.4%. 

In Japan, the July flash S&P Global Manufacturing and Services (PMIs) were 54.7 and 51.9, respectively. June consumer inflation accelerated to 1.7% y/y, while core-core consumer inflation (excluding fresh food and energy) accelerated to 1.6% y/y. June preliminary imports and exports rose 25.4% y/y and 19.3% y/y, respectively. 

The Week Ahead:

The US and eurozone report their first estimates of Q2 2026 GDP. The US reports June preliminary durable goods orders. The UK and eurozone report June money supply. The eurozone and Japan release June unemployment. The eurozone reports July consumer inflation. Japan releases June preliminary industrial production and retail sales. China reports July PMIs. The Bank of England and Bank of Japan meet 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.