Overview
- Thursday’s ISM services PMI rose to 55.4 as new orders jumped to their highest level since February 2023, pushing supplier delays and input prices sharply higher and increasing the chance the Fed will tighten policy.
- Euro‑area private activity held at a modest expansion with a 51.6 services PMI, but national readings split sharply with France contracting at 48.0 and Germany just below 50 at 49.7.
- Japan’s S&P Global services PMI climbed to 52.5 on stronger domestic demand while sustained input and output price pressures strengthened the case for further Bank of Japan action.
- India’s HSBC services PMI rose to 54.1 and job creation hit a 15‑month high as firms hired to support customer service and digital operations, even though overall growth remains near multi‑year lows.
- Canada’s services PMI plunged to 46.8 as new business fell amid escalating trade tensions and recent U.S. tariffs, and survey price gauges and geopolitical risks are helping keep policy tightening on the table for major central banks.