Overview

• India’s services PMI jumped to 62.9, the fastest pace in 15 years, as new orders surged and output price inflation hit its highest since July 2012; the composite PMI rose to a 17-year high of 63.2.
• China’s RatingDog services PMI rose to 53.0, a 15‑month high, with stronger domestic demand and a rebound in export orders, though firms trimmed staff and largely absorbed cost increases.
• Japan’s services PMI eased to 53.1 but stayed in expansion, with the first employment decline since September 2023 and the sharpest rise in backlogs in over two years as input cost inflation accelerated.
• The UK’s services PMI rebounded to 54.2, driven by the biggest one‑month gain in new business since March 2021, with firms citing eased U.S. tariff worries, rising costs and continued headcount cuts.
• Germany’s services sector slipped back into contraction at 49.3 with stalled hiring, while U.S. ISM data showed manufacturing shrinking for a sixth month at 48.7 as respondents flagged tariff‑driven cost pressures and layoffs; S&P Global’s U.S. manufacturing PMI contrasted at 53.0.