Overview

• India’s HSBC Services PMI stayed at 58.8 in May, underpinned by record hiring and one of the strongest export order gains in over a decade.
• The U.S. ISM nonmanufacturing PMI fell to 49.9, marking the first services-sector contraction in nearly a year as input costs rose and tariff uncertainty persisted.
• Euro zone business activity barely expanded with a composite PMI of 50.2 and its services index at 49.7, while Germany’s services PMI plunged to 47.1, a 2½-year low.
• Japan’s final au Jibun Bank services PMI eased to 51.0, reflecting slowing new business and elevated input prices that left overall private-sector growth near stagnation.
• China’s Caixin services PMI edged up to 51.1 despite weaker export orders, while the UK returned to modest growth at 50.9 and Ireland led regional expansion at 54.7.