Fisher Investments Reviews: Last Week in Markets—June 1 - June 5

In the US, the final May S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 55.1 and 50.7, respectively, both below expectations. Readings above 50 indicate expansion. May nonfarm payrolls increased by 172,000, exceeding expectations. The unemployment rate remained at 4.3% in May, in line with forecasts.

In the UK, the final May S&P Global Manufacturing and Services PMIs were 53.9 and 49.3, respectively. April money supply (M4) increased 0.2% m/m. In the eurozone, the third estimate of Q1 2026 GDP showed a 0.2% q/q contraction and 0.3% y/y expansion, revised down from the previous estimates. May preliminary consumer inflation increased 3.2% y/y, below previous estimates. May preliminary core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.5% y/y, above expectations. The final May S&P Manufacturing and Services PMIs were 51.6 and 47.7, respectively, both above expectations. April retail sales fell 0.4% m/m and rose 1.0% y/y. The unemployment rate rose to 6.3% in April, above forecasts. April money supply (M3) increased 2.7% y/y, below expectations.

In Japan, the May final S&P Global Manufacturing and Services PMIs were 54.5 and 50.0, respectively. In China, The May RatingDog Manufacturing and Services PMIs—which include smaller businesses—were 51.8 and 54.4, respectively, both higher than expected.

The Week Ahead

The US and China release May consumer inflation. Japan reports its second estimate of Q1 2026 GDP. The UK releases April GDP and manufacturing production. The UK and Japan report April industrial production. Japan releases May loan growth. China releases May 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.