Fisher Investments Reviews: Last Week in Markets—September 30 - October 4

In the US, the final September S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 47.3 and 55.2, respectively (readings above 50 indicate expansion.) September nonfarm payrolls rose 254,000. The September unemployment rate fell to 4.1%.  

In the UK, the final September S&P Global Manufacturing and Services PMIs were 51.5 and 52.4, respectively. August money supply (M4) decreased 0.1% m/m. Final Q2 2024 imports rose 6.3% q/q, while exports fell 0.3% q/q—lower than estimates. Final Q2 2024 GDP growth was 0.5% q/q and 0.7% y/y. In the eurozone, the final September HCOB Flash Manufacturing and Services PMIs were 45.0 and 51.4, respectively. The August unemployment rate remained unchanged at 6.4%. The preliminary September inflation rate fell 0.1% m/m but rose 1.8% y/y. September core consumer prices (which excludes energy, food, alcohol and tobacco) rose 2.7% y/y—a five-month low.

In Japan, the final September Jibun Bank Manufacturing and Services PMIs were 49.7 and 53.1, respectively. August flash industrial production fell 3.3% m/m. The August unemployment rate decreased slightly to 2.5%. Preliminary August retail sales rose 0.8% m/m and 2.8% y/y. In China, September Caixin Manufacturing and Services PMIs were 49.3 and 50.3, respectively.

The Week Ahead:

The US reports September trade data and inflation data. The UK releases August industrial production and manufacturing production numbers. The eurozone reports August retail sales. Japan releases September bank lending numbers.

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.