Fisher Investments Reviews: Last Week in Markets—June 23 - June 27

In the US, the June flash S&P Global Manufacturing and Services PMIs were 52.0 and 53.1, respectively (readings above 50 indicate expansion). The third estimate of Q1 2025 GDP showed -0.5% annualized growth revised down from the previous estimate of -0.2% annualized growth. Preliminary durable goods orders rose 16.4% m/m in May, above expectations.

In the UK, the June flash S&P Global Manufacturing and Services PMIs were 47.7 and 51.3, respectively. In the eurozone, the June flash HCOB Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 49.4 and 50, respectively.

In Japan, the unemployment remained unchanged at 2.5% in May, matching consensus forecasts. May preliminary retail sales fell 0.2% m/m and grew 2.2% y/y, lower than consensus estimates.

The Week Ahead

The US announces durable goods data. The US and eurozone release unemployment numbers. The US, UK, eurozone, China and Japan report Manufacturing and Services PMI. The eurozone and UK report money supply. The UK releases Q1 2025 GDP and trade data. Japan reports 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.