Fisher Investments Reviews: Last Week in Markets—February 17 - February 21

In the US, data were light. The February flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 51.6 and 49.7, above and below expectations respectively (readings above 50 indicate expansion). Housing starts declined 9.8% m/m amid disruptive weather, below expectations.

 In the eurozone, the February flash HCOB Manufacturing and Services PMIs were 47.3 and 50.7, respectively. In the UK, the February flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 46.4 and 51.1, respectively. January consumer inflation rose 3.0% y/y. January core consumer inflation (which excludes energy, food, alcohol, and tobacco) rose 3.7% y/y—in line with expectations. January retail sales rose 1.7% m/m and 1.0% y/y, both above expectations. For more, please see our 2/20/2025 commentary “A Brick in Britain’s Wall of Worry: Inflation.”

 In Japan, the February flash Jibun Bank Manufacturing and Services PMIs were 48.9 and 53.1, respectively below and above expectations. January headline consumer inflation rose 4.0%. January core-core consumer inflation (excluding food and energy) increased 2.5% y/y. The first estimate of Q4 2024 GDP expanded 0.7% q/q and 1.2% y/y. Final December industrial production contracted 0.2%— lower than forecasts. Preliminary estimates of January imports and exports rose 16.7% y/y and 7.2% y/y, respectively.

The Week Ahead

The US reports the second estimate of Q4 2024 GDP. The eurozone releases January headline and core inflation figures and M3 money supply data. Japan announces January trade data, preliminary industrial production and preliminary retail sales. China reports February NBS Manufacturing and Services PMIs.

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.