Fisher Investments Reviews: Last Week in Markets—September 4 – September 8

In the US, data were light. The final August S&P Global Services Purchasing Managers’ Index (PMI) was 50.5. PMI readings over 50 indicate expansion.

In the eurozone, the final August HCOB Global Services PMI was 47.9. The third estimate of Q2 2023 GDP was revised lower to 0.1% q/q and 0.5% y/y expansion. Retail sales fell 0.2% m/m and 1.0% y/y in July. In the UK, the final August S&P Global/CIPS Services PMI was 49.5.

In Japan, the final August Jibun Bank Services PMI was 54.3—unchanged from the initial reading. The second estimate of Q2 2023 GDP was revised lower to 1.2% q/q and 1.6% y/y. Bank lending increased 3.1% y/y in August. In China, the August Caixin General Services PMI was 51.8, missing expectations. Imports and exports fell 7.3% y/y and 8.8% y/y in August, respectively.

The Week Ahead:

The US reports August consumer prices, industrial production and manufacturing production. The UK, Eurozone and Japan announce July industrial production. The US and China release August retail sales data, while Japan releases July retail sales data and August money supply (M2).

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.