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

In the US, data were light. Initial jobless claims rose to 231,000 for the week ending May 4—above market expectations and the highest since August 2023.

In the UK, the first estimate of Q1 2024 GDP showed 0.6% q/q and 0.2% y/y growth, above forecasts. March GDP grew 0.4% m/m, beating expectations and extending the GDP recovery that started in January and continued in February. March industrial production rose 0.2% m/m and 0.5% y/y, while manufacturing production rose 0.3% m/m and 2.3% y/y. The Bank of England kept its official Bank Rate unchanged at 5.25%. In the eurozone, the final April HCOB Services Purchasing Managers’ Index (PMI) was revised up to 53.3 (readings above 50 indicate expansion). March retail sales rose 0.8% m/m and 0.7% y/y—both beating expectations.

In Japan, the final April Jibun Bank Services PMI was revised lower to 54.3. In China, April consumer prices rose 0.3% y/y. April imports and exports increased 8.4% y/y and 1.5% y/y, respectively. April money supply (M2) grew 7.2% y/y. Outstanding yuan loan growth increased 9.6% y/y in April.

The Week Ahead:

The US and the eurozone release April inflation data. The US, eurozone and Japan release April industrial production figures. The US also reports manufacturing production. The eurozone announces its second estimate of Q1 2024 GDP, while Japan reports its first estimate. The US, Japan and China report April retail sales.

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.