Overview
- India’s flash composite PMI slipped to 58.9, a 10‑month low, as new orders cooled, hiring stalled and price pressures stayed muted, with manufacturing at 55.7 and services at 59.1.
- Australia’s composite eased to 51.1, the weakest in seven months, with services at 51.0 and manufacturing at 52.2 as firms kept hiring and input and output prices accelerated again.
- Japan’s composite registered 51.5, with services at 52.5 and manufacturing at 49.7, while staffing rose at the fastest pace since May 2024 and firms reported stronger cost pressures.
- Germany’s composite fell to 51.5 with manufacturing deeper in contraction at 47.7, services at 52.6, slowing new business and softer confidence, while euro zone growth cooled to a 51.9 composite as factory output shrank and services eased.
- Policy takeaways skew cautious as RBA signals restrictive settings, BOJ is expected to move gradually on normalization, and a Reuters survey points to the ECB staying on hold for an extended period.