Fisher Investments Reviews: Last Week in Markets—September 9 - September 13

In the US, August consumer inflation data rose 0.2% m/m and 2.5% y/y—lower than expectations. August core consumer inflation data (excluding food and energy) rose 0.30% m/m and 3.2% y/y—higher than forecast.

In the UK, July manufacturing production fell 1.0% m/m and 1.3% y/y. July industrial production decreased 0.8% m/m and 1.2% y/y. July unemployment remained at 4.1%. In the eurozone, July industrial production fell 0.30% m/m and fell 2.2% y/y. The European Central Bank lowered rates by 25 basis points to 3.50%.

In Japan, July final industrial production accelerated to 3.1% m/m. In China, August consumer inflation rose 0.60% y/y. August imports and exports rose 0.50% y/y and 8.7% y/y, respectively. The August money supply (M2) increased 6.3%. August outstanding loan growth rose 8.5% y/y. August retail sales rose 1.9% y/y. August industrial production rose 4.5% y/y.

The Week Ahead:

The US releases August industrial production, manufacturing production and retail sales. The UK, eurozone and Japan report August consumer inflation data. The UK reports August retail sales. Japan reports August trade data. The 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.