Overview

• India’s services PMI held at 58.8 in May, underpinned by strong export orders and the fastest hiring rate in the survey’s 20-year history.
• The US nonmanufacturing PMI fell to 49.9, marking the first contraction since June 2024 alongside softer new orders and persistent tariff uncertainty.
• The euro zone services PMI dropped to 49.7 in May, its first sub-50 reading in six months, while Germany recorded its steepest contraction in two and a half years.
• The UK services PMI rebounded to 50.9 as tariff concerns eased, but firms continued to trim headcounts for the eighth consecutive month.
• Other markets showed divergence, with China’s Caixin services PMI at 51.1, Italy at 53.2, Spain at 51.3 and South Africa at 50.8.