Australian markets fall notably after mixed economic data

by Admin
October 1, 2024

Last Updated : Oct 01 2024 | 3:50 PM IST

Australian markets fell notably, with miners and banks leading losses. The benchmark S&P/ASX 200 dropped 0.74 percent to 8,208.90 while the broader All Ordinaries index ended down 0.66 percent at 8,481.90.

Investors reacted to mixed economic data, with retail sales rebounding by more than expected in August while the manufacturing sector’s deterioration worsened in September.

Qantas Airways tumbled 3.4 percent after an announcement that it will buy a 25 percent stake in Virgin Australia from U.S. private equity firm Bain Capital.

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REA Group shares jumped 4.9 percent after the property listing firm said it would no longer seek to buy British property portal Rightmove.

The manufacturing sector in Australia continued to contract in September, and at a faster rate, the latest survey from Judo Bank revealed on Tuesday with a manufacturing PMI score of 46.7.

That’s down from 48.5 in August and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The value of retail sales in Australia was up a seasonally adjusted 0.7 percent on month in August, the Australian Bureau of Statistics said on Tuesday – coming in at A$36.474billion. On a yearly basis, retail sales rose 3.1 percent.

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First Published: Oct 01 2024 | 3:26 PM IST