Fisher Investments Reviews: Last Week in Markets—November 10 - November 14

The record-long 43-day US government shutdown ended on Wednesday, November 12. Notably, stock and bond markets didn’t seem bothered by the shutdown itself. All in all, while shutdown disruptions aren’t great for the broad economy and vast majority of the country, they lack the size and scale to cause recession—a reality markets pretty much expected all along. For more, please see our 11/14/2025 commentary, “The Long Shutdown’s Little Lasting Effect.”

In the UK, the first estimate of Q3 2025 GDP growth was 0.1% q/q and 1.3% y/y, both below forecasts. September industrial production decreased 2.0% m/m and 2.5% y/y, more than expected. September manufacturing production declined 1.7% m/m and 2.2% y/y, lower than estimates. In the eurozone, the second estimate of Q3 2025 GDP growth was 0.2% q/q and 1.4% y/y. September industrial production increased 0.2% m/m and 1.2% y/y, less than forecast.

In Japan, October bank lending increased 4.1% y/y. In China, October industrial production increased 4.9% y/y, lower than forecasts. October retail sales grew 2.9% y/y, higher than estimates. October loan growth increased 6.5% y/y, below expectations. October money supply (M2) rose 8.2% y/y, slightly above forecasts. 

The Week Ahead:

The US, UK, eurozone and Japan release preliminary November purchasing managers’ indexes (PMIs). The US releases the September jobs report as well as October industrial and manufacturing production. The UK, eurozone and Japan report October consumer inflation. The UK posts October retail sales. Japan announces October trade data, September industrial production and retail sales, and its second estimate of Q3 2025 GDP.

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.