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

In the US, the second estimate of Q4 2025 GDP showed 0.7% annualized growth, revised down from the previous estimate of 2.2%. February consumer inflation was 0.3% m/m and 2.4% y/y. February core consumer inflation (excluding food and energy) was 0.2% m/m and 2.5% y/y, both in line with expectations. January’s preliminary durable goods orders remained flat m/m, below expectations.

In the UK, January GDP remained flat m/m and expanded 0.8% y/y. January industrial production decreased 0.1% m/m and increased 0.4% y/y, lower than forecasts. January manufacturing production grew 1.5% m/m and 1.3% y/y, lower than estimates. In the eurozone, January industrial production decreased 1.5% m/m and 1.2% y/y, lower than forecasts.

In Japan, the final estimate of Q4 2025 GDP growth was 0.3% q/q and 0.4% y/y, both revised up from the previous estimates of 0.1% q/q and 0.1% y/y. February loan growth increased 4.5% y/y. In China, February imports and exports rose 19.8% y/y and 21.8% y/y, respectively, both far above consensus forecasts. February loan growth increased 6.0 % y/y, matching expectations. February money supply (M2) increased 9.0% y/y

The Week Ahead

The US and Japan release industrial production. Japan and China report retails sales. The eurozone reports February inflation figures while the US releases new home sales. Japan reports February trade data. The Bank of England and European Central Bank meet to set their respective monetary policies.

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.