Indian equities enter the coming week on cautiously constructive footing, supported by steady domestic conditions and resilience in select sectors. With a relatively light local economic calendar, near-term volatility from domestic data releases is likely to remain muted.
Attention, however, will be drawn to global developments. In the U.S., a series of key macroeconomic indicators are due, and their outcome could influence expectations for the Federal Reserve’s policy stance. Any material surprise on this front may ripple into emerging markets, including India, through shifts in global risk sentiment and foreign capital flows.
For India, the number of data points are lined-up for release remain limited.
The Manufacturing PMI, Services PMI and Composite PMI values would be announced on Thursday (August 21).
The HSBC India Manufacturing PMI rose to 59.8 in August 2025 from a final reading of 59.1 in July, preliminary estimates showed. This marked the highest level since January 2008, driven by a sharp rise in new orders amid strong domestic demand.
The HSBC India Services PMI rose to 65.6 in August 2025 from 60.5 in July, surpassing market expectations of 60.3, according to a flash estimate. This marked the highest reading on record, signaling an exceptionally strong expansion in the services economy.
The HSBC India Composite PMI jumped to a record high of 65.2 in August 2025 from 61.1 in the prior month, flash data showed. The acceleration reflects robust expansion across both manufacturing and services, with the latter spearheading the gains as business activity surged to a new survey peak.
The Industrial Production data for the month of July 2025 would be released on Thursday (August 28). India's industrial production expanded by 1.5% from the previous year in June of 2025, picking up from the 1.2% increase in the previous month. Still, the growth marked the lowest industrial expansion since the stall in August 2024.
Lastly, the GDP Growth Rate for the quarter ended on 30 June 2025. The Indian GDP expanded 7.4% from the previous year in the March quarter of 2025, accelerating from the upwardly revised 6.4% growth in the earlier period, marking the sharpest growth rate of the fiscal year.
In China, the 1-year and the 5-year Loan Prime Rate would be announced on Wednesday (August 20). The People’s Bank of China (PBOC) maintained key lending rates at record lows for the third consecutive month during the August fixing. The decision came despite recent economic data suggesting that the economy might be losing momentum. The one-year Loan Prime Rate (LPR) was kept steady at 3.0%, while the five-year LPR remained unchanged at 3.5%.
On Friday (August 22), the FDI (YTD) YoY for July 2025 would be released. Foreign direct investment (FDI) in China fell by 15.2% year-on-year to CNY 423.23 billion in the first half of 2025, amid global economic uncertainty. While total investment fell, foreign interest in China’s high-tech sectors, however, remained strong.
In the United States, a series of key economic data releases are scheduled for next week.
On Monday (August 25), the Chicago Fed National Activity Index (CFNAI) for July will be announced. The index had improved slightly to (-0.10) in June from a revised (-0.16) in May. This marked the third straight month below zero, signaling that overall economic activity remains below its long-term trend.
On the same day, New Home Sales data for July will also be released. Sales of new single-family homes rose 0.6% in June to a seasonally adjusted annualized rate of 627,000 units, recovering marginally from May’s seven-month low of 623,000. However, persistent high mortgage rates and economic uncertainty continue to weigh on housing demand.
On Tuesday (August 26), the Durable Goods Orders for July will be published. In June, orders fell 9.3% month-over-month to $311.84 billion, reversing an upwardly revised 16.5% surge in May.
On Wednesday (August 27), the API Crude Oil Stock Change for the week ending August 22 will be released. US crude inventories had declined by 2.4 million barrels in the prior week, offsetting a 1.5 million-barrel build in the week before.
On Thursday (August 28), the second estimate of Q2 GDP growth will be made public. According to the advance estimate, the US economy expanded at an annualized pace of 3% in Q2 2025, rebounding from a 0.5% contraction in Q1.
Finally, on Friday (August 29), the Core PCE Price Index for July—the Federal Reserve’s preferred inflation gauge—will be released. The index rose 0.3% in June, the strongest monthly increase in four months, and was up 2.8% year-on-year.