Fisher Investments Reviews: Last Week in Markets—February 24 - February 28

In the US, the second estimate of Q4 2024 GDP showed 2.3% annualized growth, in line with the previous estimate. Preliminary durable goods orders rose 3.1% m/m in January, above expectations. The January personal consumption expenditures (PCE) price index—the US Federal Reserve’s preferred measure of inflation—rose 2.5% y/y, while the core PCE price index (which excludes food and energy) rose 2.6% y/y.

In the eurozone, January consumer inflation increased 2.5% y/y, while core consumer inflation (which excludes energy, food, alcohol, and tobacco) increased 2.7% y/y—both in line with estimates. January money supply (M3) increased 3.6% y/y, lower than forecast.

In Japan, preliminary January industrial production decreased 1.1% m/m and increased 2.6% y/y. January retails sales grew 0.5% m/m and 3.8% y/y. January imports and exports rose 16.5% y/y and 7.3% y/y, respectively. In China, the February NBS Manufacturing and Non-Manufacturing Purchasing Managers’ Indexes (PMIs)—focused on large, state-owned firms—were 50.2 and 50.4, respectively. Readings above 50 indicate expansion.

The Week Ahead:

The US, UK, eurozone and Japan report final February purchasing managers’ indexes (PMIs). The US releases February nonfarm payrolls and unemployment. The UK reports January money supply. The eurozone releases its third estimate of Q4 2024 GDP and January retail sales. The eurozone and Japan report January unemployment. The eurozone and China release February consumer inflation. China reports February 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.