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

Global equities fell. When heightened volatility arises and broader investor fear starts catching hold, it is critical to remember stocks move on the difference between expectations and reality. While shorter-term volatility often involves plausible or meaningfully negative events, investor sentiment typically overreacts to the issues at hand. Then, the market recovery usually occurs as investors gain additional clarity, realize the economic disruption likely isn’t as severe as was feared, or simply move past the issue after fully pricing it in. For more, please see Ken Fisher’s recent market commentary in his video: How Markets Will Weigh the War and Oil.

In the US, the flash March S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 52.4 and 51.1, respectively. Readings above 50 indicate expansion.

In the UK, the preliminary March S&P Global Manufacturing and Services PMIs were 51.4 and 51.2, respectively. February consumer inflation accelerated to 0.4% m/m and remained at 3.0% y/y. In February, core consumer inflation (which excludes energy, food, alcohol and tobacco) accelerated to 0.6% m/m and 3.2% y/y, both above expectations. February retail sales fell 0.4% m/m but grew 2.5% y/y. In the eurozone, the preliminary March S&P Global Manufacturing and Services PMIs were 51.4 and 50.1, respectively. February money supply (M3) increased 3.0% y/y, lower than forecast.

In Japan, the flash March S&P Global Manufacturing and Services PMIs were 51.4 and 52.8, respectively, both higher than estimates. February consumer prices fell 0.2% m/m while the y/y inflation rate slowed to 1.3%. February core-core consumer inflation (excluding fresh food and energy) decelerated to 2.5% y/y. February imports and exports rose 10.3% y/y and 4.0% y/y, respectively.

The Week Ahead

The US, UK, eurozone, Japan, and China release final March PMIs. US, Japan and eurozone report unemployment figures. The US and Japan announce February retail sales data. The UK releases February money supply and final Q4 2025 GDP numbers. The eurozone reports preliminary March inflation while Japan reports preliminary February industrial production data. The US releases March nonfarm payroll figures.

Tip of the Week

Fisher Investment offices and US markets will be closed on Friday, April 3 in observance of Good Friday. Our offices will reopen Monday, April 6.

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.