Fisher Investments Reviews: Last Week in Markets—July 7 - July 11

In the US, no key data were released last week. The 90-day pause on reciprocal tariffs has ended, bringing new agreements, tariffs, and deadlines. Despite uncertainties, markets are stabilizing, with the S&P 500 showing modest gains and non-US stocks outperforming. For more, please see our 7/10/2025 MarketMinder commentary, “How Markets View the Newest Tariff Deadline and Dealmaking”.

In the UK, May GDP contracted 0.1% m/m and expanded 0.7% y/y. Despite May’s slight decline, UK GDP expanded 0.5% in the three months ending in May. May industrial production decreased 0.9% m/m and 0.3% y/y, both below expectations. May manufacturing production declined 1.0 % m/m, and grew 0.3% y/y, both below consensus forecasts. In the eurozone, May retail sales fell 0.7% m/m and grew 1.8% y/y, both slightly higher than consensus estimates.

In Japan, June bank loans increased 2.8% y/y, exceeding expectations. In China, June consumer inflation decreased 0.1% m/m and increased 0.1% y/y.

The Week Ahead

The US, UK, eurozone, and Japan release June inflation figures. The US, eurozone, and Japan announce industrial production numbers, while the US also reports June manufacturing production. The US, Japan, and China release retail sales. Japan and China announce June trade data. China reports Q2 2025 GDP.

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.