Asia stock markets today: Live updates

India’s service sector activity expanded at a slower pace in August compared to July, according to a private survey by S&P Global.

The services purchasing managers index slipped from 62.3 in July to 60.1 in August, a weaker expansion rate compared to the 61.0 expected by a Reuters poll of economists.

Notably, the PMI report pointed out that, services firms indicated the sharpest upturn in new export business in August ever since the survey started in September 2014.

“Asia Pacific, Europe, North America and the Middle East were among the sources of sales gains reported by panelists,” the report said.

— Lim Hui Jie

The headline inflation rate in the Philippines rose for the first time in seven months to 5.3% in August, up from 4.7% in July.

This figure was also higher than expectations from economists polled by Reuters, who expected the inflation rate to remain unchanged at 4.7%.

However, the core inflation rate — which excludes selected food and energy items — decelerated further to 6.1% in August, down from 6.7% in July.

— Lim Hui Jie

Chinese property developer Country Garden Holdings wired bond coupon payments that were due last month, Reuters reported, citing a source close to the company.

China’s largest private property developer failed to pay a $22.5 million coupon on two U.S. dollar bonds on Aug. 6, raising market fears of a default. Both payments had 30-day grace periods.

— Lim Hui Jie

China’s services sector recorded its slowest expansion since December 2022, according to a Caixin survey.

The Caixin purchasing managers index for August came in at 51.8, down from 54.1 in July.

The survey noted that this was amid a softer rise in overall new work, adding that “notably, new business from abroad fell for the first time in 2023 so far.”

Nevertheless, companies remained optimistic onthe 12-month outlook, and planned company expansions supported a further increase in employment across the sector, the report said.

— Lim Hui Jie

Japan’s service sector activity expanded at the fastest pace since May, according to a private survey from au Jibun bank.

The country’s service purchasing managers index stood at 54.3 in August, unchanged from the flash estimates released in late August and higher than the 53.8 in July.

The bank noted that a faster rise in new business was a key factor in driving business activity growth higher, adding that firms cited greater consumer spending and customer numbers.

While service providers in Japan saw a faster increase in operating expenses, “firms remain strongly optimistic that activity will rise over the coming 12 months,” the bank added.

— Lim Hui Jie

Qantas announced Tuesday that CEO Alan Joyce will step down from his role two months early, effective Wednesday. In line with previously announced succession plans, the airline’s current CFO Vanessa Hudson will take over as CEO.

The accelerated change comes after the Australian Competition & Consumer Commission alleged that between May and July 2022 Qantas advertised thousands of flights it had already canceled.

On Monday, Qantas said it was reviewing the ACCC’s allegations and would comment further after. The airline said it fully cooperated in the investigation and understands the significant concerns it has created among its customers.

“We openly acknowledge that our service standards fell well short and we sincerely apologize. We have worked hard to fix them since and that work continues,” it said in the statement.

— Christine…