Fisher Investments Reviews: Last Week in Markets—November 17 - November 21

In the US, the November preliminary S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 51.9 and 55.0, respectively. Readings above 50 indicate expansion. September nonfarm payrolls increased by 119,000, exceeding expectations. The unemployment rate rose to 4.4% in September, above consensus forecasts.

In the UK, October consumer inflation slowed to 3.6% y/y from 3.8% in September. For more, please see our 11/19/2025 commentary, “A Cooling Wind in October’s UK Inflation Data.” October core consumer inflation (which excludes energy, food, alcohol, and tobacco) decelerated to 3.4% y/y, matching expectations. The November preliminary S&P Global Manufacturing and Services PMIs were 50.2 and 50.5, respectively. October retail sales fell 1.1% m/m but grew 0.2% y/y. In the eurozone, October consumer inflation decelerated to 2.1% y/y, while core consumer inflation (which excludes energy, food, alcohol, and tobacco) remained at 2.4% y/y. The November preliminary S&P Global Manufacturing and Services PMIs were 49.7 and 53.1, respectively.

In Japan, the first estimate of Q3 2025 GDP showed a 0.4% q/q contraction and 1.1% y/y expansion. October consumer inflation and core-core consumer inflation (excluding fresh food and energy) were 3.0% y/y and 3.1% y/y, respectively. The November flash S&P Global Manufacturing and Services PMIs were 48.8 and 53.1 respectively. September industrial production expanded 2.6% m/m, surpassing forecasts. October imports and exports rose 0.7% y/y and 3.6% y/y, respectively, both above consensus forecasts.

The Week Ahead:

The US announces September retail sales, preliminary durable goods data and new home sales. The eurozone releases October money supply (M3). Japan releases October retail sales and the unemployment rate. China releases November PMIs.

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.