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

In the US, the February Flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 51.5 and 51.3, respectively. Readings above 50 indicate expansion. The Conference Board’s Leading Economic Index (LEI) fell 0.4% m/m in January.

In the UK, the February Flash CIPS/S&P Global Manufacturing and Services PMIs were 47.1 and 54.3, respectively. In the eurozone, the February Flash S&P Global Manufacturing and Services PMIs were 46.1 and 50.0, respectively. Final January headline consumer prices rose 2.8% y/y while core consumer prices (which exclude energy, food, alcohol and tobacco) rose 3.3% y/y.

In Japan, the February Flash Jibun Bank Manufacturing and Services PMIs were 47.2 and 52.5, respectively. January imports fell 9.6% y/y while exports rose 11.9% y/y.

The Week Ahead:

The US, UK, eurozone, Japan and China report final February PMIs. The US reports January new home sales, preliminary durable goods orders and its second estimate of Q4 2023 GDP growth. The eurozone releases preliminary February inflation as well as January unemployment and money supply (M3) data. Japan reports January unemployment, preliminary industrial production, inflation and retail sales figures. The UK announces January money supply (M4).

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.