Fisher Investments Reviews: Last Week in Markets—September 8 - September 12

In the US, August consumer inflation accelerated to 0.4% m/m, higher than expected, and 2.9% y/y, in line with consensus forecasts. The August core consumer inflation rate (which excludes food and energy) held steady at 0.3% m/m and 3.1% y/y, both in line with expectations. With prices heating up and businesses cutting back, some worry whether the US is flirting with stagflation. The US economy isn’t headwind-free, but stagflation chatter looks like a false fear to us. When put in proper context, these recent jobs and inflation reports aren’t that surprising. For more, please see our 9/11/2025 commentary, “Putting Stagflation Claims in Actual Context.”

In the UK, July GDP was flat m/m but grew 1.4% y/y. July industrial production decreased 0.9% m/m and grew 0.1% y/y, both lower than forecast. July manufacturing production declined 1.3% m/m and grew 0.2% y/y, both below estimates. In the eurozone, the European Central Bank left interest rates unchanged.

In Japan, the second estimate of Q2 2025 GDP growth was 0.5% q/q and 1.7% y/y, revised up from the previous estimate of 1.3% y/y. July industrial production decreased 1.2% m/m and 0.4% y/y. August bank loans increased 3.6% y/y, exceeding expectations.

In China, August imports and exports rose 1.3% y/y and 4.4% y/y, respectively, both below consensus forecasts. August consumer prices were flat m/m but deflated by 0.4% y/y. August loan growth increased 6.8% y/y, below expectations. August money supply (M2) grew 8.8% y/y, lower than forecast.

The Week Ahead

The US, UK and China release retail sales. The eurozone, UK and Japan report consumer inflation figures. Japan also announces trade data while the eurozone reports industrial production. The US Federal Reserve, Bank of England and Bank of Japan meet to set their respective monetary policies.

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.