Fisher Investments Reviews: Last Week in Markets—October 20 - October 24

In the US, September headline consumer inflation was 0.3% m/m and 3.0% y/y, both below expectations. September core consumer inflation (excluding food and energy) decelerated to 0.2% m/m and 3.0% y/y, both lower than forecast. The October flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) rose to 52.2 and 55.2, respectively. Readings above 50 indicate expansion.

In the UK, September headline consumer inflation was flat m/m and 3.8% y/y, both below estimates. September core consumer inflation (which excludes energy, food, alcohol, and tobacco) was also flat m/m and decelerated to 3.5% y/y, lower than forecast. The October flash S&P Global Manufacturing and Services PMIs were 49.6 and 51.1, respectively. September retail sales grew 0.5% m/m and 1.5% y/y, above estimates. In the eurozone, the October flash HCOB Manufacturing and Services PMIs were 50.0 and 52.6, respectively, both higher than expected.

In Japan, September headline consumer inflation remained at 0.1% m/m and accelerated to 2.9% y/y. September core-core consumer inflation (excluding fresh food and energy) decelerated to 3.0% y/y. The October flash S&P Global Manufacturing and Services PMIs were 48.3 and 52.4, respectively. September imports and exports rose 3.3% y/y and 4.2% y/y, respectively. In China, Q3 2025 GDP expanded 4.8% y/y, in line with expectations. September industrial production increased 6.5% y/y, surpassing forecasts. September retail sales grew 3.0% y/y, higher than consensus estimates.

The Week Ahead
The US and eurozone release their first estimates of Q3 2025 GDP. The US, UK and eurozone release September money supply. The eurozone releases preliminary October consumer inflation. The eurozone and Japan report September unemployment. Japan releases September industrial production and retail sales. China releases October 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.