Fisher Investments Reviews: Last Week in Markets—June 22 - June 26

In the US, the third estimate of Q1 2026 GDP growth was revised up to 2.1% annualized from 1.6% in the second estimate. The report also revised Q1 corporate profits significantly higher, causing some concern as one particular measure of corporate profits reached a level last seen in 1929. However, corporate profits are not an economic or market timing tool in our view. For more, please see our 06/25/2026 commentary, “Excess Fear Over ‘Excess’ Profits.” The June flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 55.7 and 51.3, respectively, both higher than expected. Readings above 50 indicate expansion. Preliminary durable goods orders declined 4.5% m/m in May, slightly less than expected. May new home sales fell 7.3% m/m.

In the UK, the June flash S&P Global Manufacturing and Services PMIs were 53.1 and 48.7, respectively, both lower than expected. In the eurozone, the June flash S&P Global Manufacturing and Services PMIs were 51.3 and 48.9, respectively.

In Japan, the June flash S&P Global Manufacturing and Services PMIs were 54.9 and 51.8, respectively. May imports and exports rose 12.5% y/y and 16.8% y/y, respectively.

The Week Ahead:

The US, UK, eurozone, Japan and China report final June PMIs. The US, eurozone and Japan release unemployment data. The UK and eurozone report money supply figures. The US releases nonfarm payrolls. The UK reports GDP and trade data. The eurozone announces inflation figures. Japan reports retail sales and industrial production.

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.