Fisher Investments Reviews: Last Week in Markets—November 3 - November 7

In the US, the final October S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 52.5 and 54.8, respectively, both higher than expected. Readings above 50 indicate expansion. The US Bureau of Labor Statistics’ (BLS) monthly Employment Situation Report remains on hold during the US government shutdown, but payroll processor ADP’s October data showed private sector employers added 42,000 jobs for the month, better than expected. Separately, the October Challenger Report—another private data source—made headlines as their data showed layoffs jumped on both a m/m and y/y basis. While this may sound ominous, monthly jobs data can be highly volatile and are a lagging indicator. We believe private job layoffs are more likely simply a lagged effect of the economic weakness and uncertainty earlier this year.

In the UK, the final October S&P Global Manufacturing and Services PMIs were 49.7 and 52.3, respectively, both higher than expected. The Bank of England left its benchmark Bank Rate unchanged at 4.0%. In the eurozone, final October HCOB Manufacturing and Services PMIs were 50.0 and 53.0, respectively. September retail sales fell 0.1% m/m but rose 1.0% y/y, higher than consensus estimates.

In Japan, the final October S&P Global Manufacturing and Services PMIs were 48.2 and 53.1, respectively. In China, the October RatingDog Manufacturing and Services PMIs were 50.6 and 52.6, respectively, both higher than expected. October consumer inflation was accelerated to 0.2% m/m and 0.2% y/y. October imports rose 1.0% y/y while exports fell 1.1% y/y.

The Week Ahead
The UK and eurozone report Q3 2025 GDP data. The UK, eurozone and China release industrial production figures. Originally expected US inflation and retail sales reports are likely delayed. China releases retail sales while the UK posts trade and manufacturing production data. China also reports loan growth and money supply while Japan announces bank loans.

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.