The US July S&P Global flash composite PMI rose to 53.6, an eight-month high, beating the 52.2 estimate and signaling firmer private-sector momentum. At the same time, US manufacturers reported a near four-year worst in supplier delivery delays, extending a deterioration streak to 11 consecutive months. The combination points to stronger activity alongside intensifying supply-chain strains tied to disruptions around the Strait of Hormuz.