Fisher Investments Reviews: Last Week in Markets—October 10 - October 3

The US government shutdown continued as a congressional funding deal has remained elusive. As a result, US economic data were light, with most official reporting delayed due to the shutdown. On Tuesday, gold hit a historic milestone, reaching an all-time high of $4,000 per ounce. Despite some impressive rallies, gold has also experienced prolonged periods of flat performance. In our view, gold’s moves aren’t inherently predictive of stocks or broader economic trends. For more, please see our 10/10/2025 article, “Gold $4000 Isn’t Foretelling Much.”

In the eurozone, August retail sales grew 0.1% m/m and 1.0% y/y, in line with consensus estimates.

In Japan, September bank loans increased 3.8% y/y, exceeding expectations. In China, September imports and exports rose 7.4% y/y and 8.3% y/y, respectively, both far above consensus forecasts.

The Week Ahead
The eurozone and China release September consumer inflation points. The eurozone and Japan report industrial production, while the US and UK report both industrial and manufacturing production. The US and Japan publish retail sales. The UK releases August GDP while China reports money supply (M2) and loan growth.

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.