Fisher Investments Reviews: Last Week in Markets—May 26 - May 30

In the US, preliminary durable goods orders fell 6.3% m/m in April, above expectations. The second estimate of Q1 2025 GDP showed 0.2% annualized contraction, revised up slightly from the previous estimate of a 0.3% annualized decline.

In the eurozone, data were light. April money supply (M3) increased 3.9% y/y, higher than forecasts.

In Japan, the May final Jibun Bank Manufacturing Purchasing Managers’ Index (PMI) was 49.4, higher than expected. Readings below 50 indicate contraction. April imports and exports fell 2.2% y/y and rose 2.0% y/y, respectively. The unemployment rate remained at 2.5% in April, matching consensus forecasts. April preliminary industrial production decreased 0.9% m/m and increased 0.7% y/y. April preliminary retails sales fell 4.0% y/y, lower than consensus estimates. In China, The May NBS Manufacturing and Non-Manufacturing Purchasing Managers’ Indexes (PMIs)—focused on large, state-owned firms—were 49.5 and 50.3, respectively.

The Week Ahead:

The US, UK, eurozone, Japan, and China release May PMIs. The US reports May unemployment and nonfarm payrolls, while the eurozone releases April unemployment. The UK reports April money supply (M4). The eurozone releases its third estimate of Q1 2025 GDP, May inflation data, and April retail sales.

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.