Fisher Investments Reviews: Last Week in Markets—September 23 - September 27

In the US, the third estimate of Q2 2024 GDP growth showed 3.0% annualized growth, unchanged from the previous estimate. August new home sales fell 4.7% m/m. Preliminary August durable goods orders were flat m/m—beating expectations. The September flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 47.0 and 55.4, respectively. Readings above 50 indicate expansion. PMIs offer a timely pencil sketch of economic conditions in a given month, but this month’s readings didn’t tell us anything new. Manufacturing’s contraction deepened in the US, while Services’ growthy trend continued. These trends are old news—meaning they matter precious little to global stocks. For more, see our 9/26/2024 commentary, “Manufacturing and Services PMIs Break Little ‘News’”.

The Week Ahead

The US, eurozone, Japan and China report final September Manufacturing and Services PMIs. The US releases September nonfarm payrolls and unemployment data. The UK releases its second estimate of Q2 2024 GDP and Q2 2024 trade data. The eurozone reports August unemployment and September inflation data. Japan reports August unemployment data and preliminary retail sales.

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.