Fisher Investments Reviews: Last Week in Markets—June 8 - June 12

In the US, May consumer inflation slowed to 0.5% m/m and accelerated to 4.2% y/y, both matching estimates. May core consumer inflation (excluding food and energy) slowed to 0.2% m/m and accelerated to 2.9% y/y. While accelerating inflation was jarring to many, under the hood, much of the report marked an improvement from April. For more, please see our 06/10/2026 commentary, “May US CPI: Headline Acceleration Hides Monthly Cooldown.”

In the UK, April GDP contracted 0.1% m/m and expanded 1.2% y/y. April industrial production remained flat m/m and decreased 0.2% y/y. April manufacturing production increased 0.4% m/m and 1.0% y/y, surpassing forecasts. In the eurozone, the European Central Bank hiked interest rates by 25 basis points to 2.4%. 

In Japan, the second estimate of Q1 2026 GDP growth was 0.5% q/q and 0.4% y/y, in line with the previous estimates. April industrial production increased 0.5% m/m and 2.0% y/y. May bank loans increased 5.7% y/y, exceeding expectations. In China, May consumer inflation decelerated to 0.1% m/m and remained at 1.2% y/y. May imports and exports rose 27.4% y/y and 19.4% y/y, respectively.

The Week Ahead:

The UK, eurozone and Japan releases May consumer inflation. Japan releases May trading data. The US, eurozone and China releases May industrial production. The US releases May manufacturing production. The US, UK and China releases May retail sales. China releases loan growth and money supply (M2) data. The Bank of England meets to set monetary policy.

Tip of the Week:

Fisher Investments’ offices and US markets will be closed on Friday, June 19 in observance of Juneteenth. Our offices will reopen Monday, June 22.

Source for all data cited is FactSet.[JS1]  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.