Recent S&P Global data indicates divergent trajectories for the services sectors of several major economies, characterized by contraction in the United Kingdom and Russia, and expansion in China, Japan, and South Africa.

最近 S&P Global 的數據顯示，幾個主要經濟體的服務業發展軌跡分歧，其中英國與俄羅斯呈收縮態勢，而中國、日本與南非則呈擴張態勢。

The United Kingdom's services sector experienced a significant contraction, with the PMI descending to 48.8. This decline is attributed to a confluence of geopolitical instability regarding the Middle East conflict and domestic political volatility following the resignation of Prime Minister Keir Starmer. While the 2026 FIFA World Cup provided a marginal stimulus to hospitality, the broader sector faced diminished new work and accelerated workforce reductions. Similarly, Russia's services sector recorded a decline to 48.2, driven by attenuated client demand and the most rapid rate of job losses in forty-two months.

英國的服務業經歷顯著收縮，PMI 降至 48.8。此次下滑歸因於中東衝突引起的地緣政治不穩定，以及首相 Keir Starmer 辭職後國內政治動盪的共同影響。雖然 2026 年 FIFA 世界盃對餐旅業提供了微幅刺激，但整體產業面臨新業務減少以及裁員速度加快的問題。同樣地，俄羅斯的服務業錄得 48.2 的低點，主因是客戶需求減弱，且遭遇了 42 個月以來最快速的裁員率。

Conversely, East Asian markets exhibited growth. China's services PMI remained robust at 54.1, supported by strong new business acquisition and an expansion in services exports. Japan's sector returned to growth with a reading of 52.2, although this recovery was tempered by intensifying input cost pressures and geopolitical concerns. South Africa's private sector achieved a marginal return to growth, with a PMI of 50.5, primarily facilitated by resilient hiring practices and a marked deceleration in inflationary pressures.

相反地，東亞市場呈現增長。中國的服務業 PMI 保持強勁，維持在 54.1，得益於強勁的新業務獲取能力以及服務出口的擴張。日本服務業恢復增長，讀數為 52.2，儘管此恢復受限於日益劇烈的投入成本壓力與地緣政治憂慮。南非私營部門則微幅恢復增長，PMI 為 50.5，主要得益於穩健的招聘做法以及通膨壓力的顯著放緩。

Across these jurisdictions, the impact of input costs varied. The UK and South Africa reported a cooling of price pressures, whereas Japan experienced a sharp escalation in costs related to energy, food, and wages. In Russia, selling price inflation reached a multi-year low as firms implemented discounting strategies to stimulate demand.

在這些司法管轄區中，投入成本的影響各異。英國與南非報告價格壓力有所緩解，而日本則經歷了能源、食品與薪資成本的劇烈攀升。在俄羅斯，由於企業採取折扣策略以刺激需求，銷售價格通膨率達到了多年來的低點。

Global services activity remains fragmented, with geopolitical tensions and cost pressures acting as primary inhibitors in Western and Russian markets, while Asian economies maintain a trajectory of expansion.

全球服務業活動仍處於碎片化狀態，地緣政治緊張與成本壓力是西方及俄羅斯市場的主要抑制因素，而亞洲經濟體則維持擴張趨勢。