Private-sector surveys released on 5 Aug. painted a mixed picture of global business momentum in July. China’s services sector led the upside, with the S&P Global Services Purchasing Managers’ Index jumping to 52.6 from 50.6, its strongest reading in 14 months, while the composite gauge eased to 50.8. Japan also remained in expansion, with its services PMI inching up to 53.6 and the composite index at 51.6. Hong Kong’s PMI improved but stayed below the 50-point mark that separates growth from contraction, at 49.2, and Switzerland’s manufacturing PMI deteriorated further to 48.8, underscoring lingering weakness in goods demand. European data were sharply divergent. Spain posted the strongest services growth among major economies, its PMI climbing to 55.1, and the United Kingdom beat expectations at 51.8. Germany’s final July print was revised up to 50.6, keeping activity barely in positive territory, while the euro-area composite index slipped to 50.9. By contrast, France fell deeper into contraction, with its services PMI down to 48.5, and Sweden’s services measure slumped to 48.8. Euro-area producer prices rose 0.8% on the month and 0.6% on the year in June, hinting at only modest pipeline inflation pressures. Outside the PMI releases, the United States reported a steeper-than-normal swing in factory orders: a 4.8% month-on-month decline in June erased much of May’s 8.3% gain, though orders excluding transportation goods edged 0.4% higher. The figures highlight a softening in global industrial demand even as service-sector performance shows pockets of resilience.