Australia and Japan set for positive open while most Asian markets close for Labor Day
Australia's factory activity contracts at fastest pace in 35 months: Juno BankThe manufacturing purchasing managers index for April stood at 48, down from March's figure of 49.1, marking a second straight month-on-month deterioration.In its release, the bank said that this was due to weak demand for Australian goods, observing that new orders declined for the fifth month running and at the fastest rate since August 2021.
It also noted that survey respondents commented on broad-based economic weakness, driven in part by high interest rates.contracted in AprilData from the National Bureau of Statistics revealed the country's manufacturing purchasing manager's index fell to 49.2 from 51.9 in March, below the 51.4 expected by economists.This also marks the first contraction since December, when the official manufacturing PMI was at 47.CNBC Pro: Here's what history indicates is in store for U.S.
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