Fisher Investments Reviews: Last Week in Markets — September 21 - September 25

In the US, the September flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 57.0 and 58.7, respectively, both higher than expected. Readings above 50 indicate expansion. Preliminary durable goods orders were flat m/m in August, above expectations.

In the UK, the September flash S&P Global Manufacturing and Services PMIs were 52.0 and 51.7, respectively. In the eurozone, the September flash S&P Manufacturing and Services PMIs were 52.7 and 53.0, respectively, both above expectations. August money supply (M3) increased 3.5% y/y, in line with forecasts.

In Japan, the September flash S&P Global Manufacturing and Services PMIs were 54.1 and 51.6, respectively.

The Week Ahead
The US, UK, eurozone, Japan and China report final September PMIs. The US releases its third estimate of Q2 2026 GDP, while the UK reports its second estimate. The eurozone reports September consumer inflation. The US releases September nonfarm payrolls and unemployment, while the eurozone and Japan release August unemployment. The UK reports August money supply. Japan releases August preliminary industrial production, preliminary retail sales and trade data.

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.