Fisher Investments Reviews: Last Week in Markets—July 15 - July 19

In the US, June retail sales were flat m/m but increased 2.3% y/y. Manufacturing production in June rose 0.4% m/m and 1.1% y/y. June industrial production rose 0.6% m/m and 1.6% y/y. The Conference Board’s Leading Economic Index (LEI) declined 0.2% m/m in June.

In the UK, June headline consumer prices increased 2.0% y/y, slightly above forecasts. June core consumer prices (excluding energy, food, alcohol, and tobacco) rose 3.5% y/y, in line with expectations. June retail sales fell 1.2% m/m and 0.2% y/y. Unemployment for the three months ending in May rose to 4.4%. In the eurozone, final June headline consumer prices rose 2.5% y/y, meeting expectations. Final June core consumer prices (excluding energy, food, alcohol and tobacco) rose 2.9% y/y. May industrial production decreased 0.6% m/m and 2.9% y/y. The European Central Bank left interest rates unchanged.

In Japan, June headline consumer prices increased 2.8% y/y, while June core-core consumer prices (excluding fresh food and energy) increased 2.2% y/y. June preliminary imports and exports rose 3.2% y/y and 5.4% y/y, respectively. The Conference Board’s LEI declined by 0.1% m/m in May. In China, Q2 2024 GDP expanded 4.7% y/y, below expectations. June retail sales rose 2.0% y/y, while June industrial production increased 5.3% y/y. The unemployment rate remained unchanged in June at 5.0%.

The Week Ahead:

The US, UK, eurozone, and Japan report July Flash Purchasing Managers’ Indexes (PMIs). The US reports June new home sales, June preliminary durable goods orders, and the first estimate of Q2 2024 GDP.

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.