Fisher Investments Reviews: Last Week in Markets—May 19 - May 23

In the US, the May flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were both 52.3, higher than expected. Readings above 50 indicate expansion.

In the UK, April consumer inflation increased 1.2% m/m and 3.5% y/y, both above estimates. April core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 1.4% m/m and 3.8% y/y, both above expectations. April retails sales grew 1.2% m/m and 5.0% y/y, higher than consensus estimates. The May flash S&P Global Manufacturing and Services PMIs were 45.1 and 50.2, respectively, slightly above expected. In the eurozone, April final consumer inflation increased 2.2% y/y—above the target midpoint of 2.0%. April final core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.7% y/y. The May flash HCOB Manufacturing PMI was 49.4, while the Services PMI was 48.9.

In Japan, April consumer inflation increased 0.1% m/m and 3.6% y/y. April core-core consumer inflation (excluding fresh food and energy) increased 3.0% y/y. April imports fell 2.2% y/y, less severe than expected. Exports rose 2.0% y/y in April, below expectations. The May flash Jibun Bank Manufacturing PMI was 49.0.

In China, April retails sales grew 5.1% y/y, lower than consensus estimates.

The Week Ahead:

The US releases April preliminary durable goods orders and its second estimate of Q1 2025 GDP. The eurozone reports April Money Supply (M3). Japan releases April unemployment, retail sales, and preliminary 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.