Fisher Investments Reviews: Last Week in Markets — September 7 - September 11

In the US, August consumer inflation accelerated to 0.4% m/m, in line with estimates, and held steady at 3.4% y/y, above estimates. August core consumer inflation (excluding food and energy) accelerated to 0.3% m/m, above estimates, and decelerated to 2.4% y/y, in line with estimates.

In the UK, July GDP expanded 0.4% m/m and 1.6% y/y. July industrial production increased 0.2% m/m and 0.6% y/y, surpassing forecasts. July manufacturing production grew 0.9% m/m and 2.6% y/y, higher than estimates. In the eurozone, the third estimate of Q2 2026 GDP growth was 0.6% q/q and 1.2% y/y, revised up from the previous estimates of 0.4% q/q and 1.0% y/y. The European Central Bank hiked interest rates by 25 basis points to 2.65%.

In Japan, the second estimate of Q2 2026 GDP growth was 0.4% q/q and 0.9% y/y, revised up from the previous estimates of 0.3% q/q and 0.7% y/y. August bank loans increased 5.4% y/y, below expectations. In China, August consumer inflation accelerated to 0.8% y/y. August imports and exports rose 28.2% y/y and 25.0% y/y, respectively, both below consensus forecasts.

 The Week Ahead
The UK, eurozone and Japan report August consumer inflation. The eurozone and Japan report July industrial production, while the US reports August industrial and manufacturing production. Japan releases July retail sales, and the US, UK and China release August retail sales. Japan releases August trade data. China releases August M2 money supply and loan growth. The Bank of England and Bank of Japan meet to set monetary policy.

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.