Fisher Investments Reviews: Last Week in Markets—December 30 - January 3

In the US, data were light. The final December S&P Global Manufacturing Purchasing Managers’ Index (PMI) was revised up to 49.4. Readings above 50 indicate expansion.

In the UK, the final December S&P Global Manufacturing PMI was revised down to 47.0. November money supply (M4) remained flat m/m. In the eurozone, the final December HCOB Manufacturing PMI was revised down to 45.1. November money supply (M3) rose 3.8% y/y, exceeding expectations.

In Japan, the final December Jibun Bank Manufacturing PMI was revised up to 49.6. In China, the December NBS Manufacturing Purchasing Managers’ Index fell to 50.1 while the Non-Manufacturing PMI rose to 52.2 (both focused on large, state-owned firms). The final December Caixin Manufacturing PMI decreased to 50.5.

The Week Ahead:

The US, UK, eurozone, China, and Japan report final December Services PMIs. The US releases December nonfarm payrolls and unemployment. The eurozone reports November unemployment data and retail sales and December consumer inflation. China releases December loan growth, money supply (M2) and consumer inflation.

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.