Fisher Investments Reviews: Last Week in Markets—April 1 - April 5

In the US, the final March S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were revised down to 51.9 and 51.7, respectively (readings above 50 indicate expansion). In March, nonfarm payrolls increased by 303,000 and the unemployment rate fell to 3.8%.

In the eurozone, the final March HCOB Manufacturing and Services PMIs were revised higher to 46.1 and 51.5, respectively. February retail sales fell 0.5% m/m and 0.7% y/y. March flash consumer prices rose 2.4% y/y while core consumer prices (excluding food, energy, alcohol and tobacco) rose 2.9% y/y—both lower than forecasts. The February unemployment rate held steady at 6.5%, missing expectations for a slight decrease. In the UK, the final March S&P Global Manufacturing PMI was revised up to 50.3 while the Services PMI was revised down to 53.1. February money supply (M4) rose 0.5% m/m.

In Japan, the final March Jibun Bank Manufacturing PMI was unchanged from the initial estimate of 48.2 while the final March Services PMI was revised lower to 54.1. In China, the March Caixin Manufacturing and Services PMIs were 51.1 and 52.7, respectively.

The Week Ahead:

The US and China report March inflation data. The European Central Bank meets to set monetary policy. The UK reports February GDP as well as industrial and manufacturing production figures. Japan and China release March money supply (M2) and loan growth. China also releases March trade data.

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