Overview

• India’s HSBC/S&P Global flash composite PMI jumped to a record 65.2 in August, propelled by services at 65.6 and manufacturing at 59.8, with export orders at their fastest pace since 2014.
• Indian firms raised selling prices at the strongest rate since February 2013 as higher wages and input costs were passed through, a backdrop that points to a prolonged restrictive stance from the RBI.
• Japan’s flash manufacturing PMI stayed in contraction at 49.9, with foreign orders falling at the fastest pace in 17 months and official July exports posting the steepest drop since February 2021.
• Germany’s HCOB/S&P Global composite PMI edged up to 50.9, driven by a manufacturing output index at 52.6—its highest in 41 months—while overall employment continued to decline, led by factory job cuts.
• France’s business activity approached stabilization but remained below 50, with services at 49.7 and manufacturing at 49.9, as eurozone data showed manufacturing improving even as foreign orders fell for a second month.