Fisher Investments Reviews: Last Week in Markets—April 21 - April 25

In the US, the April flash S&P Global Manufacturing and Services Purchasing Managers’ Indexes (PMIs) were 50.7 and 51.4, respectively. Readings above 50 indicate expansion. Preliminary durable goods orders rose 9.2% m/m in March, above expectations. Markets reeled worldwide following the Liberation Day tariff announcements, but as we start to see data trickle in, the reality of tariffs and their impact on the economy may not be as dour as it looks. While economic indicators like this cannot tell the future, they can be a useful tool to gauge sentiment and give context. For more, please see our 4/23/2025 commentary, “Taking Businesses’ Temperature Post-‘Liberation Day.”

In the UK, the April flash S&P Global Manufacturing and Services PMIs were 44.0 and 48.9, respectively. March retail sales rose 0.4% m/m and 2.6% y/y, higher than consensus estimates. In the eurozone, the April flash HCOB Manufacturing and Services PMIs were 48.7 and 49.7, respectively.

In Japan, the April flash Jibun Bank Manufacturing and Services PMIs were 48.5 and 52.2, respectively, both higher than expected. March imports rose 1.8% y/y, while exports rose and 4.0% y/y.

The Week Ahead

The US, UK, eurozone, Japan and China release PMIs. The US and eurozone announce preliminary Q1 GDP data. The US, eurozone, and Japan report April unemployment numbers. The US reports April nonfarm payroll data. The UK and eurozone release money supply, and the eurozone also releases preliminary inflation numbers. Japan reports on March industrial production and 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.