Overview

• India’s HSBC/S&P Global flash composite PMI jumped to a record 65.2 with services at 65.6 and manufacturing at 59.8, as firms lifted output charges at the fastest pace in over 12 years, reducing the likelihood of an RBI cut next quarter.
• The U.S. composite PMI rose to 55.4 with manufacturing rebounding to 53.3, the strongest since May 2022, while companies reported higher input costs and the steepest output price increases in three years tied to President Donald Trump’s tariffs.
• Eurozone activity showed tentative stabilization with a flash composite PMI of 51.1, manufacturing at 50.5 and services at 50.7, as Germany’s composite reached 50.9 and France edged closer to growth, though price pressures firmed.
• Japan’s factory sector stayed in contraction at 49.9 for a second month with foreign orders falling at the fastest pace in 17 months, and official data showed July exports posting the steepest drop since February 2021.
• The UK’s flash composite PMI climbed to 53.0, a one-year high led by services at 53.6, while manufacturing slipped to 47.3 and firms trimmed staff, pointing to fragile demand and a more cautious Bank of England outlook.