Fisher Investments Reviews: Last Week in Markets—January 6 - January 10

In the US, the final December S&P Global Services Purchasing Managers’ Index (PMI) was revised down to 56.8. Readings above 50 indicate expansion. November durable goods orders fell 1.2%, below expectations. December non-farm payrolls increased by 256,000, while the unemployment rate ticked down to 4.1%.

In the UK, the final December S&P Global Services PMI decreased to 51.1. In the eurozone, the final December HCOB Services PMI was revised up to 51.6. Preliminary December inflation rose 2.4% y/y, while core consumer inflation (which excludes energy, food, alcohol and tobacco) rose 2.7% y/y—both in line with expectations. The November unemployment rate remained unchanged at 6.3%, matching consensus estimates. November retail sales rose 0.1% m/m and 1.2% y/y.

In Japan, the final December Jibun Bank Services PMI increased to 50.9. In China, the final December Caixin Services PMI was revised up to 52.2. December consumer inflation was flat m/m and rose 0.1 y/y.

The Week Ahead
The US, UK and eurozone release December consumer inflation. The US, UK and China release December report sales while Japan releases November retail sales. The US, UK and eurozone release December industrial and manufacturing production. The UK reports November GDP, while China reports Q4 2024 GDP. Japan releases December loan growth.

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. Any commentary regarding strategy or performance reflects our Global Total Return strategy benchmarked to the MSCI World Index. Some clients may have different benchmarks reflecting different objectives and circumstances, including permanent allocations to cash or fixed income. Please note that accounts may not contain all elements of the strategy discussed here. Additionally, individual client customizations and start dates may preclude certain elements of this strategy from being implemented. 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. The S&P 500 Composite Index is a capitalization-weighted, unmanaged index that measures 500 widely held US common stocks of leading companies in leading industries, representative of the broad US equity market. The MSCI Europe, Australasia and Far East (EAFE) Index is an unmanaged, capitalization-weighted stock index measuring the performance of selected stocks in 21 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. The MSCI World Small Cap Index is an unmanaged, capitalization-weighted stock index measuring the performance of investable securities with a market capitalization below that of the companies in the MSCI Standard Indexes, targeting approximately 14% of free-float adjusted market capitalization in 23 developed countries. It is presented here net of dividend withholding taxes and uses the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

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.