全球指标 2025 年 7 月图表集：图片里的世界-Global Indicators July Chartbook_ The World in Pictures

Summary of Key Points from the Conference Call Industry Overview - The report focuses on global economic indicators, particularly the performance of the services and manufacturing sectors, highlighting the challenges posed by high tariffs on global manufacturing [1][3][5]. Core Insights - Global Services Sector Resilience: The global services PMI (Purchasing Managers Index) increased significantly in July, surpassing its average over the past few years, indicating strong performance in this sector [1][3]. - Manufacturing Sector Struggles: In contrast, the manufacturing sector has faced difficulties, with nearly 80% of country-level readings indicating contraction. The global manufacturing PMI stood at 49.9, suggesting a decline [1][4][6]. - US Import Trends: US imports decreased in Q2 as the frontloading from Q1 began to reverse, reflecting a potential slowdown in demand [1][3]. - Inflation Trends: Global inflation remains contained, with US "hard" inflation data showing only moderate signs of tariff-related pressures. However, there are indications that more price hikes related to tariffs may be forthcoming [1][3][5]. - Global Growth Outlook: Below-trend global growth and low oil prices are expected to keep inflation outside the US contained [1][3]. Additional Important Details - PMI Data: The global composite PMI for July was reported at 51.6, indicating expansion, while the manufacturing PMI was at 50.1, suggesting stagnation. The services PMI was higher at 53.0, reflecting growth [6][10][12]. - Country-Level PMI Insights: The report provides detailed PMI readings for various countries, with notable figures such as the US at 55.1, indicating expansion, while countries like China and India showed strong service sector performance with PMIs of 60.5 and 61.1, respectively [9][14][40]. - Future Expectations: The report suggests that the global economic landscape is influenced by ongoing tariff issues, which may lead to further adjustments in pricing and demand dynamics in the coming months [1][3][5]. This summary encapsulates the key points from the conference call, focusing on the performance of the global services and manufacturing sectors, inflation trends, and the implications for future economic conditions.