Fisher Investments Reviews: Last Week in Markets—October 13 - October 17

The US government shutdown continued last week. As a result, US economic data were light, with most official reporting delayed due to the shutdown.

In the UK, August industrial production increased 0.4% m/m and decreased 0.7% y/y. August GDP remained flat m/m and rose 1.3% y/y. August manufacturing production grew 0.7% m/m and declined 0.8% y/y. The unemployment rate ticked up to 4.8% in August, above consensus forecasts. In the eurozone, August industrial production decreased 1.2% m/m and rose 1.1% y/y. September consumer inflation increased 2.2% y/y. September core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.4% y/y.

In Japan, August final industrial production decreased 1.5% m/m and 1.6% y/y. August final retail sales fell 8.0% y/y. In China, September imports rose 7.4% y/y, while exports rose 8.3% y/y, both above consensus forecasts. September consumer inflation increased 0.1% m/m and decreased 0.3% y/y. September loan growth increased 6.6% y/y, below expectations. September money supply (M2) increased 8.4% y/y, lower than forecasts.

The Week Ahead
The US, UK, eurozone and Japan release Purchasing Managers’ Indexes (PMIs). The US, UK and Japan report inflation data. The UK and China publish retail sales. Japan reports trade information. China releases GDP and industrial production.

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.