Fisher Investments Reviews: Last Week in Markets—August 5 - August 9

In the US, data were light. The final July S&P Global Services Purchasing Managers’ Index (PMI) was revised lower to 55.0 from the preliminary reading of 56.0. Readings above 50 indicate expansion. Initial jobless claims fell to 230,000 in the week ending August 3.

In the UK, the final July S&P Global Services PMI was revised slightly higher to 52.5. In the eurozone, the final July HCOB Services PMI was 51.9, in line with the initial estimate. June retails sales fell 0.3% m/m and 0.3% y/y—both below forecasts.

In China, July imports and exports expanded 7.2% and 7.0% y/y, respectively. July headline consumer inflation edged up to 0.5% y/y. In Japan, the final July Jibun Bank Services PMI was revised lower to 53.7. July bank lending increased 3.2% y/y.

The Week Ahead

The US, UK and China release July retail sales while Japan releases June retail sales. The US reports July consumer inflation and July industrial and manufacturing production figures. The eurozone and Japan release June industrial production. The UK and Japan release their first estimates of Q2 2024 GDP, while the eurozone releases its second estimate.

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.