Australian markets down after seven straight positive sessions

by Admin
September 23, 2024

Last Updated : Sep 23 2024 | 5:04 PM IST

Australian markets snapped a seven-day winning streak ahead of a Reserve Bank of Australia policy meeting due on Tuesday, with no change in interest rates expected.

The benchmark S&P/ASX200 dropped 0.69 percent to 8,152.90 while the broader All Ordinaries index settled 0.63 percent lower at 8,384.20.

The manufacturing sector in Australia continued to contract in September, and at a faster pace, the latest survey from Judfo Bank revealed on Monday 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.

New orders and production likewise fell at the fastest pace in 52 months, underpinned by softening demand conditions. This included external demand with export orders returning to contraction in September.

The survey also showed that the services PMI fell to 50.6 in September from 52.5 in August.

The rate of services activity growth moderated alongside new business, the latter rising at a slower and modest pace. Export business meanwhile fell for the third time in four months, albeit only marginally.

The composite index sank to 49.8, down from 51.7 a month earlier.

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First Published: Sep 23 2024 | 4:58 PM IST