Fisher Investments Reviews: Last Week in Markets—September 22 - September 26

In the US, the third estimate of Q2 2025 GDP showed 3.8% annualized growth, revised up from the previous estimate of 3.3%. Preliminary durable goods orders rose 2.9% m/m in August, above expectations. New home sales rose 20.5% m/m in August, higher than estimates. The September flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 52.0 and 53.9, respectively, both below forecasts. Readings above 50 indicate expansion.

In the UK, the September flash S&P Global Manufacturing and Services PMIs were 46.2 and 51.9, respectively, both lower than estimates. In the eurozone, August money supply (M3) increased 2.9% y/y, lower than forecast. The September flash HCOB Manufacturing and Services PMIs were respectively 49.5, below estimates, and 51.4, higher than estimates. The European Central Bank kept interest rates unchanged, as expected.

The Week Ahead

The US, UK, eurozone, Japan and China release final September PMIs. The US, eurozone and Japan report unemployment rates. The US releases August durable goods orders and September nonfarm payrolls. The UK releases August money supply (M4). The eurozone releases September consumer inflation data.

In Japan, August imports and exports fell 5.2% y/y and 0.1% y/y, respectively. The September flash S&P Global Manufacturing and Services PMIs were 48.4 and 53.0, respectively, both lower than expected.

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.