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3w ago

Asia Powers Global Services Growth as Western Markets Falter in July

Divergent PMI readings reflect booming services in Asia against contraction and stagnation in major Western economies

People walk past a lane lined up with restaurants, at a shopping area in Shanghai, China September 28, 2024. REUTERS/Tingshu Wang/ File Photo
A man takes a lunch at a restaurant in the Ameyoko shopping district in Tokyo, Japan, May 15, 2025. REUTERS/Issei Kato/File Photo
Workers shield from the rain as they walk near Tower Bridge during the morning rush-hour, in London, Britain, May 21, 2025. REUTERS/Toby Melville/File photo
Yachts break the city skyline in Durban, South Africa, July 15, 2025. REUTERS/Rogan Ward/File Photo

Overview

  • India’s services PMI surged to 60.5 in July, its highest level in 11 months, driven by strong export orders and sustained local demand.
  • China’s S&P Global services PMI climbed to 52.6, the fastest expansion since May 2024, supported by a pickup in new export business and stabilised trade conditions.
  • Japan’s services sector accelerated to a five-month high PMI of 53.6 as domestic spending offset a sharp decline in tourist-related revenues.
  • Spain achieved its strongest services growth since February with a PMI of 55.1 and Italy extended its expansion streak at 52.3, reflecting robust southern European consumption.
  • France and Canada remained in contraction with PMIs of 48.5 and 49.3 respectively while the UK and US logged tepid activity at readings of 51.8 and 50.1 amid inflation pressures and policy uncertainty.