Economic Buzz: India Nikkei Services PMI Strongest Since Oct 2016

India headline Nikkei Services Purchasing Managers Index climbed to 54.2 in July, underpinned by favourable demand conditions as compared to 52.6 in June, survey data from IHS Markit showed Friday. Any reading above 50 indicates growth in the sector. The Nikkei Composite Output Index, which covers both manufacturing and services, also rose to a 21-month high of 54.1 in July from 53.3 in the prior month. New orders received by Indian services firms grew at the sharpest rate since June last year.