Fisher Investments Reviews: Last Week in Markets—May 4 - May 8

In the US, the April final S&P Global Services Purchasing Managers’ Index (PMI) was 51.0, lower than expected. Readings above 50 indicate expansion. April nonfarm payrolls increased by 115,000, far exceeding expectations. The April unemployment rate rose to 4.3%, matching consensus forecasts.

 In the UK, the April final S&P Global Services PMI was 52.7, higher than expected. In the eurozone, the April final S&P Manufacturing and Services PMIs were 52.2 and 47.6, respectively. March retail sales remained flat m/m and grew 1.2% y/y, higher than consensus estimates.

 In Japan, the April final S&P Global Services PMI was 51.0, lower than expected. In China, the April RatingDog Services PMI was 52.6, slightly higher than expected. April consumer inflation was 0.3% m/m and 1.2% y/y. April imports and exports rose 25.3% y/y and rose 14.1% y/y, respectively, both above consensus forecasts.

The Week Ahead
The US and China release inflation numbers for April. The US, UK, and eurozone report industrial production. The UK and eurozone report GDP figures. The US and UK release manufacturing production. China reports loan growth and money (M2) supply. The US reports retail sales, and Japan announces bank loan data.

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.