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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
The Judo Bank composite PMI for September was revised up to 51.5, the highest since May, from the preliminary 50.2 and significantly higher than August’s 48. It implies that the economy grew in the final month of the quarter after contracting in July/August. This leaves the Q3 average at 49.2, in line with Q1 which still saw GDP growth of 0.4% q/q.
- If these levels are sustained, then the economy could be running at a steady rate and proving more resilient than expected.
- September services PMI was revised up to 51.8 from 50.5 and stronger than August’s 47.8. New business including from overseas grew at its fastest for 15 months in September, which resulted in increased employment. Judo Bank notes that respondents cited increased tourism and overseas students as boosting foreign new business. While input price inflation rose due to rising shipping, labour and fuel costs, this was passed on to customers at a slower pace due to less certainty re the future. This was reflected in business confidence falling again and it was already below the series average.
- See press release here.
Australia Judo Bank PMI services vs real GDP q/q%
Source: MNI - Market News/Refinitiv/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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