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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 preliminary Judo Bank composite PMI for January increased to 48.1 from 46.9, signalling that growth was not quite as weak at the start of 2024 as at the end of 2023 and that the economy should still achieve a soft landing. Jobs growth continued and business confidence improved, while new business was slightly less negative across services and manufacturing. There was good news for the RBA with selling price inflation easing to close to a 3-year low.
- The growth in business costs was still above average in January driven by rising shipping and raw material prices but these were not fully passed onto customers so as to boost sales.
- Business sentiment improved on the back of expected rate cuts for 2024.
- The manufacturing PMI improved to 50.3 from 47.6, signalling a slight expansion in activity after contracting for 10 months. Respondents mentioned an increase in shipping delays from strike-related “port congestions” and tensions in the Middle East, which added to suppliers’ delivery times. New orders continued to fall but less so than in December. Employment contracted but at a slower pace.
- The services sector continues to contract but at a slightly slower rate with the PMI rising to 47.9 from 47.1. The 3-month average was stable at 47.0. Services continued to hire but at an easier pace. Cost and selling price inflation remained above the historical average.
- See Judo Bank PMI report here.
Australia Judo Bank PMIs
Source: MNI - Market News/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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