Fisher Investments Reviews: Last Week in Markets—April 7 - April 11

In the US, March core consumer inflation (excluding food and energy) increased 0.1% m/m and 2.8% y/y, both below expectations. March consumer inflation decreased 0.1% m/m and increased 2.4% y/y, both below expectations. The US stock market experienced a sharp rebound following a steep four-day decline, driven by the announcement of a 90-day delay on most tariffs. This reflects ongoing volatility driven by unpredictable trade policies and shifting investor reactions. For more, please see our 4/9/2025 commentary, “Positive Volatility Still Calls for an Even Keel.”

In the UK, February GDP expanded 0.5% m/m. February industrial production increased 1.5% m/m and 0.1% y/y, both surpassing forecasts. February manufacturing production grew 2.2% m/m and 0.3% y/y, both higher than estimates. In the eurozone, February retail sales grew 0.3% m/m and 2.3% y/y. The UK is facing renewed economic concerns as tariffs take center stage, while recent increases in the minimum wage and Employer NIC raise worries about inflation and employment. However, historical trends suggest these tax changes may not have the severe economic impact some fear. For more, please see our 4/7/2025 commentary, “Dissecting British Payroll Tax Hikes.”

In Japan, February final industrial production increased 2.3% m/m and 0.1% y/y, lower than forecasts. March bank loans increased 2.8% y/y. In China, March loan growth increased 7.4% y/y. March imports fell 4.3% y/y while exports rose 12.4% y/y, both above consensus forecasts. March money supply (M2) increased 7.0% y/y, below forecasts.

The Week Ahead

The UK, eurozone and Japan release core consumer inflation data. The US Japan, and China report retail sales. The US, eurozone and China report industrial production. US and Japan report imports and exports.

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.