Overview
- The flash PMI surveys released Friday showed the global private sector remained in expansion with the S&P/HSBC composite indices above the 50 growth threshold in key economies.
- U.S. activity surged with the S&P Global services PMI at 56.8 and the composite at 56.0, the strongest composite reading since April 2022 and driven by rapid services new business and hiring.
- Manufacturing led growth in parts of Europe and Japan, with Germany's factory PMI jumping to 54.1, the euro‑area factory PMI at a 51‑month high of 52.8, and Japan's manufacturing PMI rising to 55.1 on strong export and AI‑related orders.
- Some markets showed softer or mixed results: India's composite recovered to 54.6 as services offset a five‑year low for manufacturing, and Australia cooled to a 52.5 composite with manufacturing slipping into contraction as input‑cost inflation reaccelerated.
- Price signals were uneven: input‑cost growth eased in the euro area to six‑month lows while costs rose again in Australia and remained elevated elsewhere, a mix that keeps central banks cautious about further policy moves.