Fisher Investments Reviews: Last Week in Markets—November 24 - November 28

In the US, preliminary durable goods orders rose 0.5% m/m in September, above expectations. September retail sales grew 0.2% m/m and 4.3% y/y.

In the eurozone, data were light. October money supply (M3) increased 2.8% y/y, higher than forecast. In Japan, October preliminary industrial production increased 1.4% m/m and 1.5% y/y. October preliminary retail sales fell 5.5% y/y. October imports and exports rose 0.7% y/y and 3.6% y/y, respectively. The unemployment rate remained unchanged at 2.6% in October, above expectations. In China, the November NBS Manufacturing and Non-Manufacturing Purchasing Managers’ Indexes (PMIs)—focused on large, state-owned firms—were 49.2 and 49.5, respectively. Readings below 50 indicate contraction.

The Week Ahead:

The US, UK, eurozone, Japan and China release November purchasing managers’ indexes (PMIs). The US reports September industrial and manufacturing production. The eurozone releases its third estimate of Q3 2025 GDP, preliminary November consumer inflation, October unemployment and October retail sales. The UK releases October money supply (M4).

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.