Fisher Investments Reviews: Last Week in Markets—June 9 - June 13

In the US, May headline consumer inflation accelerated to 2.4% y/y, lower than expected, and decelerated to 0.1% m/m. May core consumer inflation (which excludes food and energy) was 0.1% m/m and 2.8% y/y, both below expectations.

In the UK, April GDP contracted 0.3% m/m but expanded 0.9% y/y. Despite April’s decline, UK GDP expanded 0.7% in the three months ending in April. April industrial production decreased 0.6% m/m and 0.3% y/y, both lower than forecasts. April manufacturing production declined 0.9% m/m but grew 0.4% y/y. In the eurozone, April industrial production decreased 2.4% m/m but increased 0.8% y/y, both missing estimates.

In Japan, the second estimate of Q1 2025 GDP showed a 0.2% annualized contraction, better than the initial estimate for a 0.7% decline. April final industrial production decreased 1.1% m/m but rose 0.5% y/y. In China, May loan growth increased 7.1% y/y, slightly below expectations. May money supply (M2) increased 7.9% y/y, lower than forecasts. May imports fell 3.4% y/y and exports rose 4.8% y/y. Trade data suggest businesses are bypassing tariffs by transshipping goods through Southeast Asia and Taiwan. Chinese exports to the US have dropped sharply, while exports to Southeast Asia and Taiwan remain strong, with some goods being relabeled or assembled in these regions before reaching the US. For more, please see our 6/9/2025 commentary, “Charts of the Day: Trade Winds Shifting Around Tariffs.”

The Week Ahead

The US, UK and China release retail sales figures. The US and China also report industrial production numbers. The UK, eurozone and Japan announce May inflation figures. Japan reports trade data. The US Federal Reserve, Bank of Japan and Bank of England meet to set their respective monetary policies.

Tip of the Week

Fisher Investments’ offices and US markets will be closed on Thursday, June 19 in observance of Juneteenth. Our offices will reopen Friday, June 20.

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.