Fisher Investments Reviews: Last Week in Markets—November 25 - November 29

In the US, data were light. The second estimate of Q3 2024 GDP showed 2.8% annualized growth, in line with expectations. Preliminary October durable goods orders rose 0.2% m/m, below expectations.

In the UK, October money supply (M4) decreased 0.1% m/m, below forecasts. In the eurozone, November preliminary consumer inflation accelerated 2.3% y/y, in line with expectations. November preliminary core consumer inflation (which excludes energy, food, alcohol, and tobacco) remained unchanged from the previous month at 2.7% y/y, below forecasts. October money supply (M3) increased 3.4% y/y.

In Japan, preliminary October industrial production rose3.0% m/m,and 1.6% y/y. Preliminary October retail sales rose 0.1% m/m and 1.6% y/y, both missing forecasts. The October unemployment rate ticked up to 2.5% m/m. October exportsincreased 3.1% m/m while imports increased 0.4% m/m. In China, the NBS Manufacturing Purchasing Managers’ Index (PMI) rose to 50.3 while the Non-Manufacturing PMI fell to 50.0 (both focused on large, state-owned firms). Readings above 50 indicate expansion.

The Week Ahead:

The US, UK, eurozone, Japan and China release November Manufacturing and Services PMIs. The US reports October durable goods orders, November nonfarm payrolls, and the November unemployment rate. The eurozone announces October retail sales and its third estimate of Q3 2024 GDP.

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.