Fisher Investments Reviews: Last Week in Markets—August 19 - August 23

In the US, the August flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 48.0 and 55.2, respectively. Readings above 50 indicate expansion. Initial jobless claims rose to 232,000 in the week ending August 17—slightly more than expected. July new home sales rose 10.6% m/m.

In the UK, the August flash S&P Global Manufacturing and Services PMIs were 52.5 and 53.3, respectively. In the eurozone, the August flash HCOB Manufacturing and Services PMIs were 45.6 and 53.3, respectively. July headline consumer inflation was flat on a month-over-month basis but slightly reaccelerated to 2.6% y/y. July core consumer inflation (which excludes energy, food, alcohol and tobacco) remained at 2.9% y/y, matching June’s reading and in line with expectations.

In Japan, the August flash Jibun Bank Manufacturing and Services PMIs were 49.5 and 54.0, respectively. July imports and exports rose 16.6% y/y and 10.3% y/y, respectively. July headline consumer inflation decelerated to 0.2% m/m but remained at 2.8% y/y. July core-core consumer inflation (which excludes fresh food and energy) slowed to 1.9% y/y.

The Week Ahead:

The US, UK and eurozone report July money supply. The US reports the second estimate of Q2 2024 GDP and preliminary July durable goods orders. The eurozone reports July unemployment and final August inflation data. Japan reports July preliminary industrial production, retail sales, unemployment and trade data. China reports August manufacturing and services PMIs.

Tip of the Week:

Fisher Investments’ offices will be closed on Monday, September 2 in observance of Labor Day. We will resume normal business hours on Tuesday, September 3.

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.