Fisher Investments Reviews: Last Week in Markets—June 15 - June 19

In the US, May industrial production increased by 0.1% m/m and 1.7% y/y, lower than forecasts. May manufacturing production was flat m/m and increased 1.4% y/y, lower than expected. May retail sales grew 0.9% m/m and 6.9% y/y, higher than estimates. The Federal Reserve kept interest rates steady at 3.5%-3.75%, as expected. The June meeting was new Fed chair Kevin Warsh’s inaugural meeting, giving investors a first look at his style. In our view, that is more significant than what his arrival means for monetary policy, which is always set by committee and tends to follow markets more than it steers them. For more, please see our 06/17/2026 commentary, “Kevin Warsh and the Magical Delete Button.”

In the UK, May consumer inflation decelerated to 0.2% m/m and remained steady at 2.8% y/y, both below estimates. May core consumer inflation (which excludes energy, food, alcohol and tobacco) slowed to 0.3% m/m and rose to 2.6% y/y. May retail sales rose 1.2% m/m and 3.2% y/y, higher than consensus estimates. The unemployment rate fell to 4.9% in April, below forecasts. The Bank of England left their benchmark Bank Rate unchanged at 3.75%. In the eurozone, May consumer inflation remained steady at 3.2% y/y, in line with expectations, while May core consumer inflation (which excludes energy, food, alcohol and tobacco) accelerated to 2.6% y/y, higher than anticipated. April industrial production rose 0.1% m/m and 0.3% y/y.

In Japan, May consumer inflation accelerated to 0.4% m/m and 1.5% y/y. May core-core consumer inflation (excluding fresh food and energy) slowed to 1.8% y/y, lower than forecast. April retail sales grew 2.8% y/y. The Bank of Japan hiked interest rates by 25 basis points to 1.0%. In China, May industrial production increased 4.5% y/y, surpassing forecasts. May retail sales grew 1.4% y/y, above expectations. May money supply (M2) increased 8.6% y/y, in line with forecasts. May loan growth increased 5.5% y/y.

The Week Ahead:

The US, UK, eurozone, and Japan report preliminary June purchasing managers’ indexes (PMIs). The US releases its third estimate of Q1 2026 GDP and May preliminary durable goods orders. Japan releases May trade data.

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.