Australian preliminary / flash S&P PMI for September 2025:
- Composite: 52.1 (prior 55.5)
- Manufacturing: 51.6 (prior 53.0)
- Services: 52.0 (prior 55.8)
In summary from the report:
- weaker business activity as new orders slowed and manufacturing slipped back into contraction under U.S. tariff pressure
- export demand softened
- confidence fell to a one-year low
- job growth held steady
- price pressures remained elevated, with rising input costs squeezing manufacturers’ margins
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Yesterday we had Reserve Bank of Australia Governor Bullock nodding to improving data. This might give pause.
No discernable AUD impact from this, there rarely is.
