Fisher Investments Reviews: Last Week in Markets—February 10 - February 14

In the US, January consumer inflation increased 0.5% m/m and 3.0% y/y, both above estimates. January core consumer inflation (excluding food and energy) increased 0.4% m/m and 3.3% y/y, both above forecasts. January industrial production increased 0.5% m/m and 2.0% y/y, while manufacturing production declined 0.1% m/m and rose 1.0% y/y. January retails sales fell 0.9% m/m, lower than forecasts, and rose 4.2% y/y.

In the UK, the first estimate of Q4 2024 GDP growth showed 0.1% q/q and 1.4% y/y expansion, surpassing consensus forecasts. December GDP expanded 0.4% m/m and 1.5% y/y, above expectations. While UK GDP isn’t gangbusters, dreary expectations and sentiment surrounding the UK are a positive for stocks, as it sets the stage for positive surprise. For more, please see our 2/13/2025 commentary, “Ho-Hum UK Q4 GDP Meets Bleak Sentiment.” December industrial production increased 0.5% m/m and decreased 1.9% y/y, while manufacturing production grew 0.7% m/m and declined 1.4% y/y. In the eurozone, the second estimate of Q4 2024 GDP growth was 0.1% q/q, revised up from the previous estimate of 0.0%, and 0.9% y/y, in line with the previous estimate. December industrial production decreased 1.1% m/m and 2.0% y/y.

In Japan, January bank loans rose 3.0% y/y. In China, January money supply (M2) increased 7.0% y/y, lower than forecasts. January loan growth increased 7.5% y/y, exceeding expectations.

The Week Ahead:

The US, UK, eurozone and Japan report February purchasing managers’ indexes (PMIs). The UK and Japan report January inflation. The UK releases January retail sales. Japan releases its first estimate of Q4 2024 GDP, December industrial production and January 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.