Overview
- Friday's June PMI releases painted a mixed global services picture with expansion in China (RatingDog 54.1) and India (HSBC/S&P 57.4) but contraction in the UK (48.8), Germany (final 48.6) and Russia (48.2).
- India's services PMI fell to a 17‑month low as domestic new business slowed sharply and hiring nearly stalled, even as exports grew at the fastest pace in three months, HSBC said.
- China's services activity eased slightly to 54.1 while services export orders accelerated to a 20‑month high and firms posted back‑to‑back employment gains and renewed pricing power, according to RatingDog.
- The eurozone moved toward stability with the services PMI rising to 49.4 and the composite PMI at 50.0 as input cost inflation dropped sharply, a development that may ease pressure on policymakers.
- Spain, the UAE and South Africa recorded modest improvement or marginal expansion, and the broader theme is that lower input costs plus stronger external demand are supporting export‑linked services even as domestic consumer activity weakens in several advanced economies.