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[QUOTE="Daniel LQDFX, post: 231110, member: 107699"] [HEADING=2][Center][Heading=1][B]Daily News Update[/B][/Heading][/Center][/HEADING] [HEADING=2] [Right]31 March 2024[/Right][/HEADING] [Right]Sunday[/Right] [Heading=2]On Sunday, a significant announcement is expected from China with the unveiling of its Manufacturing Purchasing Managers' Index (PMI), an event poised to have a considerable impact on the market due to its insights into the health and trajectory of the Chinese manufacturing sector. Accompanying this, China's Non-Manufacturing PMI and Japan's Tankan Large Manufacturers Index for Q1 will also be released, both anticipated to have a moderate effect on the markets. These indicators are crucial as they provide a comprehensive view of the economic activities within China and Japan, covering both the manufacturing and services sectors, and are keenly awaited for their potential influence on global economic dynamics.[/Heading] [B][U][Center]CNY – Manufacturing PMI[/Center][/U][/B] The Manufacturing Purchasing Managers' Index (PMI) is a crucial economic indicator derived from a monthly survey of 3,000 purchasing managers in the manufacturing sector. Released on the last day of each month, the PMI provides insights into the industry's health, with a score above 50 indicating expansion and below 50 signaling contraction. Its significance is amplified when released before the Caixin Manufacturing PMI due to their close correlation. Given China's significant role in the global economy, this data can greatly influence currency markets and investor sentiment. The PMI is valued for its immediacy and relevance, offering a glimpse into business conditions, including employment, production, orders, prices, deliveries, and inventories, thus serving as a leading indicator of economic health. In February, China's factory activity contracted for the fifth consecutive month, with the official manufacturing purchasing managers index (PMI) at 49.1, indicating continued weakness in the country's demand affecting manufacturers across Asia. Despite this, the Caixin PMI, which focuses on smaller firms in China, showed an improvement to 50.9. Across North Asia, countries like Taiwan and Japan experienced declines in their PMIs due to reduced domestic and international customer spending, with Taiwan's PMI at 48.6 and Japan's at 47.2, both indicating contraction in manufacturing. Southeast Asian nations also faced challenges, with Thailand's PMI dropping to 45.3 and only Indonesia, the Philippines, and Vietnam recording PMIs above 50. The region is grappling with rising inflationary pressures and tepid demand, making it difficult for manufacturers to pass on the increased costs of raw materials. This downturn in manufacturing activity comes amid the World Trade Organization's warnings of weaker global trade performance, influenced by economic headwinds and the resurgence of protectionism. [B]TL;DR[/B] [TABLE] [TR] [TD][B]Country/Region[/B][/TD] [TD][B]PMI Score[/B][/TD] [TD][B]Trend[/B][/TD] [TD][B]Notes[/B][/TD] [/TR] [TR] [TD]China (Official)[/TD] [TD]49.1[/TD] [TD]Contracting[/TD] [TD]5th consecutive month of contraction.[/TD] [/TR] [TR] [TD]China (Caixin)[/TD] [TD]50.9[/TD] [TD]Expanding[/TD] [TD]Focuses on smaller firms; shows improvement.[/TD] [/TR] [TR] [TD]Taiwan[/TD] [TD]48.6[/TD] [TD]Contracting[/TD] [TD]Decline due to reduced spending domestically and internationally.[/TD] [/TR] [TR] [TD]Japan[/TD] [TD]47.2[/TD] [TD]Contracting[/TD] [TD]Decrease in PMI linked to lower domestic and international spending.[/TD] [/TR] [TR] [TD]Thailand[/TD] [TD]45.3[/TD] [TD]Contracting[/TD] [TD]Facing economic challenges.[/TD] [/TR] [TR] [TD]Indonesia[/TD] [TD]>50[/TD] [TD]Expanding[/TD] [TD]One of the few Southeast Asian nations with PMI above 50.[/TD] [/TR] [TR] [TD]Philippines[/TD] [TD]>50[/TD] [TD]Expanding[/TD] [TD]Recording PMIs above 50, indicating expansion.[/TD] [/TR] [TR] [TD]Vietnam[/TD] [TD]>50[/TD] [TD]Expanding[/TD] [TD]PMI above 50, showing manufacturing growth.[/TD] [/TR] [TR] [TD]Southeast Asia[/TD] [TD]-[/TD] [TD]Mixed[/TD] [TD]Rising inflation and tepid demand impacting the region.[/TD] [/TR] [TR] [TD]Global Context[/TD] [TD]-[/TD] [TD]-[/TD] [TD]Weaker global trade performance due to economic headwinds and resurgence of protectionism.[/TD] [/TR] [/TABLE] The forecast for [B]Manufacturing PMI[/B] is expected to reach [B]50.1[/B], indicating a positive shift from the previous reading of [B]49.1[/B]. The upcoming [B]Manufacturing PMI[/B] is scheduled for [B]Sunday[/B] at [B]1:30 AM GMT[/B]. The last time, the [B]Chinese Manufacturing PMI[/B] was announced on the 1st of March, 2024. You may find the market reaction chart [B](USDCNH M5)[/B] below: [ATTACH type="full"]27893[/ATTACH] [B][U][Center]CNY - Non-Manufacturing PMI[/Center][/U][/B] The Non-Manufacturing Purchasing Managers' Index (PMI) measures the level of a diffusion index based on surveys of purchasing managers in the services industry. It is released monthly, typically on the last day of the month. A reading above 50.0 indicates industry expansion, while below 50.0 suggests contraction. Chinese data can significantly influence currency markets due to China's global economic impact and its effect on investor sentiment. The index shifted from non-seasonally adjusted to seasonally adjusted data starting in April 2012. Traders closely monitor this index because it serves as a leading indicator of economic health. As businesses react swiftly to market conditions, the insights provided by purchasing managers regarding employment, production, new orders, prices, supplier deliveries, and inventories offer valuable real-time information about the economy's status. In February, the non-manufacturing Purchasing Managers' Index (PMI) for China rose to 51.4 percent, marking a notable increase of 0.7 percentage points compared to the previous month. This surpassed market expectations of 50.8, showcasing the 14th consecutive month of expansion in services activity and the strongest pace since September of the previous year. Despite a softer decline in foreign sales (47.3 versus 45.2 in January) and unchanged employment rates (47.0 versus 47.0), new orders experienced a further deterioration (46.8 versus 47.6), dampening hopes for increased domestic demand during the Spring Festival celebration. Additionally, the delivery time index decreased from January's three-month high (50.3 versus 52.0). Input costs saw a rise after declining for four consecutive months (50.6 versus 49.6), while selling prices decreased for the fifth month in a row (48.5 versus 48.9). Finally, sentiment softened for the second consecutive month (57.7 versus 59.7). [B]TL;DR[/B] [TABLE] [TR] [TD][B]Metric[/B][/TD] [TD][B]February Score[/B][/TD] [TD][B]Change from January[/B][/TD] [TD][B]Notes[/B][/TD] [/TR] [TR] [TD]Non-manufacturing PMI[/TD] [TD]51.4[/TD] [TD]+0.7[/TD] [TD]14th consecutive month of expansion; strongest since last September.[/TD] [/TR] [TR] [TD]Market Expectations[/TD] [TD]-[/TD] [TD]-[/TD] [TD]Surpassed expectations of 50.8.[/TD] [/TR] [TR] [TD]Foreign Sales[/TD] [TD]47.3[/TD] [TD]+2.1[/TD] [TD]Softer decline compared to January.[/TD] [/TR] [TR] [TD]Employment[/TD] [TD]47.0[/TD] [TD]No change[/TD] [TD]Remained unchanged from January.[/TD] [/TR] [TR] [TD]New Orders[/TD] [TD]46.8[/TD] [TD]-0.8[/TD] [TD]Further deterioration, affecting hopes for increased domestic demand.[/TD] [/TR] [TR] [TD]Delivery Time Index[/TD] [TD]50.3[/TD] [TD]-1.7[/TD] [TD]Decreased from January's three-month high.[/TD] [/TR] [TR] [TD]Input Costs[/TD] [TD]50.6[/TD] [TD]+1.0[/TD] [TD]Increased after declining for four consecutive months.[/TD] [/TR] [TR] [TD]Selling Prices[/TD] [TD]48.5[/TD] [TD]-0.4[/TD] [TD]Decreased for the fifth consecutive month.[/TD] [/TR] [TR] [TD]Sentiment[/TD] [TD]57.7[/TD] [TD]-2.0[/TD] [TD]Softened for the second consecutive month.[/TD] [/TR] [/TABLE] The forecast for [B]Non-Manufacturing PMI[/B] stands at [B]51.3[/B], showing a slight decrease from the previous outcome of [B]51.4[/B]. The upcoming [B]Non-Manufacturing PMI[/B] is scheduled for [B]Sunday[/B] at [B]1:30 AM GMT[/B]. [B][U][Center]JPY - Tankan Manufacturing Index[/Center][/U][/B] The Tankan Manufacturing Index, released quarterly, is a crucial diffusion index based on a survey of approximately 1,200 large manufacturers in Japan, where values above 0.0 signify improving conditions. Esteemed for its comprehensive sample size and the credibility of its source, which updated its calculation methodology in April 2004, this index is regarded as the premier indicator of the manufacturing sector's health in the Japanese economy. Traders value this index highly as it serves as a leading indicator of economic vitality, reflecting businesses' rapid responses to market conditions and providing early insights into potential shifts in economic activities like spending, hiring, and investment. In Q4 2023, the Bank of Japan's Tankan index for large manufacturers surged to 12, marking the highest level since Q1 2022 and surpassing the market expectations of 10, indicating a robust uptick in business confidence across various sectors. Notably, firms in the pulp & paper, ceramics, iron & steel, and motor vehicles sectors showed significant improvement in sentiment, with some sectors like non-ferrous metals and processed metals rebounding from negative to positive territory. However, the mood was stable in the petroleum & coal products sector and showed a slight decline in chemicals, business-oriented machinery, and shipbuilding & heavy machinery, with a notable downturn in lumber & wood products. Alongside the positive sentiment, large firms are setting ambitious plans, projecting a 13.5% increase in capital expenditure for the current fiscal year ending in March 2024, which is higher than the forecasted 12.4% and reflects a continuation of strong investment trends from the previous year. [B]TL;DR[/B] [TABLE] [TR] [TD][B]Sector[/B][/TD] [TD][B]Sentiment Change[/B][/TD] [TD][B]Notes[/B][/TD] [/TR] [TR] [TD]Overall Large Manufacturers[/TD] [TD]Increase[/TD] [TD]Tankan index surged to 12, highest since Q1 2022.[/TD] [/TR] [TR] [TD]Pulp & Paper[/TD] [TD]Significant Improvement[/TD] [TD]Part of sectors with notable sentiment improvement.[/TD] [/TR] [TR] [TD]Ceramics[/TD] [TD]Significant Improvement[/TD] [TD]Included in sectors with enhanced business confidence.[/TD] [/TR] [TR] [TD]Iron & Steel[/TD] [TD]Significant Improvement[/TD] [TD]Demonstrated significant improvement in sentiment.[/TD] [/TR] [TR] [TD]Motor Vehicles[/TD] [TD]Significant Improvement[/TD] [TD]Showed notable uplift in sentiment.[/TD] [/TR] [TR] [TD]Non-Ferrous Metals[/TD] [TD]From Negative to Positive[/TD] [TD]Rebounded to positive sentiment territory.[/TD] [/TR] [TR] [TD]Processed Metals[/TD] [TD]From Negative to Positive[/TD] [TD]Transitioned from negative to positive sentiment.[/TD] [/TR] [TR] [TD]Petroleum & Coal Products[/TD] [TD]Stable[/TD] [TD]Sentiment remained unchanged, indicating stability.[/TD] [/TR] [TR] [TD]Chemicals[/TD] [TD]Slight Decline[/TD] [TD]Experienced a minor downturn in sentiment.[/TD] [/TR] [TR] [TD]Business-Oriented Machinery[/TD] [TD]Slight Decline[/TD] [TD]Showed a small decrease in business confidence.[/TD] [/TR] [TR] [TD]Shipbuilding & Heavy Machinery[/TD] [TD]Slight Decline[/TD] [TD]Sentiment dipped slightly.[/TD] [/TR] [TR] [TD]Lumber & Wood Products[/TD] [TD]Notable Downturn[/TD] [TD]Faced a significant decline in sentiment.[/TD] [/TR] [/TABLE] The forecast predicts a figure of [B]10[/B], compared to the previous result of [B]12[/B]. The next [B]Tankan Manufacturing Index[/B] is set to be released on [B]Sunday[/B] at [B]11:50 PM GMT[/B]. [HEADING=2] [Right]1 April 2024[/Right][/HEADING] [Right]Monday[/Right] [Heading=2]On April 1st, a crucial day for international financial markets, the focus will be on the high-impact release of the US ISM Manufacturing PMI, a key indicator of the health of the United States' manufacturing sector and a potential influencer of global economic policies and market sentiments. Alongside this, medium-impact announcements will be observed, including China's Caixin Manufacturing PMI, offering insights into its manufacturing industry, and the ISM Manufacturing Prices from the US, signaling potential inflationary pressures. Also, the S&P Global Manufacturing PMI from Canada and Judo Bank Manufacturing PMI Final from Australia will be under scrutiny by investors and policymakers for their implications on the economic outlook and policy decisions in the respective countries, especially in the nuanced post-pandemic economic landscape.[/Heading] [B][U][Center]CNY - Caixin Manufacturing PMI[/Center][/U][/B] The Caixin Manufacturing Purchasing Managers' Index (PMI) is a crucial indicator of economic health within the manufacturing sector, derived from monthly surveys of around 500 purchasing managers. These surveys gauge various aspects of business conditions such as employment, production, new orders, prices, supplier deliveries, and inventories. A PMI score above 50 signals industry expansion, while a score below 50 indicates contraction. Between February 2011 and September 2015, there were two versions of the report: Flash and Final, with the 'Previous' figure during this period referring to the 'Actual' figure from the Flash release, leading to seemingly disjointed historical data. Traders pay close attention to this index as it provides early insights into the sector's economic health, reflecting the responsive nature of businesses to changing market conditions through the lens of their purchasing managers. In February 2024, the Caixin China General Manufacturing PMI reported a marginal improvement to 50.9 from 50.8 in January, marking the fourth consecutive month of growth in the manufacturing sector. This slight uptick was driven by accelerated growth in production, domestic, and overseas demand, with new export orders reaching a 12-month high. Despite these positive trends, the manufacturing employment index declined for the sixth consecutive month, indicating ongoing job market contraction as firms continued to prioritize cost reduction and efficiency. Input cost inflation eased to a seven-month low, and in response to intense market competition, manufacturers reduced their selling prices for the second month in a row. Although supplier logistics faced minor delays due to adverse weather conditions, optimism in the sector rose, with future output expectations reaching their highest level since April 2023. The data reflects a sustained but cautious recovery in China's manufacturing sector, with ongoing challenges such as deflationary pressures and insufficient demand. [B]TL;DR[/B] [LIST] [*]Caixin China General Manufacturing PMI slightly rose to 50.9 in February 2024, marking the fourth consecutive month of sector growth. [*]The increase was fueled by faster production and demand growth, both domestically and internationally, with new export orders hitting a 12-month peak. [*]Manufacturing employment fell for the sixth straight month, highlighting ongoing job market shrinkage amid cost-cutting measures. [*]Input cost inflation decreased to a seven-month low, and manufacturers lowered selling prices due to intense competition. [*]Minor supplier delivery delays occurred due to adverse weather, yet sector optimism reached its highest since April 2023, signaling cautious recovery. [/LIST] The upcoming [B]Caixin Manufacturing PMI[/B] is set to be released on [B]Monday[/B] at [B]1:45 AM GMT[/B]. The anticipated [B]Caixin Manufacturing PMI[/B] is projected at [B]51[/B], showing a slight increase from the previous figure of [B]50.9[/B]. [B][U][Center]CAD - S&P Global Manufacturing PMI[/Center][/U][/B] The Manufacturing Purchasing Managers Index (PMI), issued monthly by S&P Global, serves as a crucial barometer for Canada's manufacturing sector, relying on surveys from senior executives in the private sector to gauge business activity. These responses, indicating month-over-month changes, help predict shifts in key economic indicators like GDP, industrial output, employment, and inflation. The PMI operates on a scale from 0 to 100, where a reading above 50 signifies expansion in the manufacturing sector, potentially bolstering the Canadian Dollar (CAD), while a score below 50 suggests contraction, which could negatively affect the CAD's value. In February 2024, the S&P Global Canada Manufacturing PMI inched closer to stabilization, registering at 49.7, up from 48.3, signaling the smallest decline in factory activity over ten months. This modest uplift was attributed to a less pronounced reduction in new orders, despite ongoing concerns about weak client demand leading to a slight decrease in output and continued reliance on inventory due to insufficient orders. Elevated input costs further exacerbated the situation, leading to higher input inflation and extended supply chain lead times. However, in a positive turn, the manufacturing sector saw job growth for the first time in four months. Companies remain optimistic, anticipating that a better economic environment in the near future will boost sales. [B]TL;DR[/B] [TABLE] [TR] [TD][B]Metric[/B][/TD] [TD][B]February 2024 Value[/B][/TD] [TD][B]Change from Previous Month[/B][/TD] [TD][B]Notes[/B][/TD] [/TR] [TR] [TD]S&P Global Canada PMI[/TD] [TD]49.7[/TD] [TD]+1.4[/TD] [TD]Smallest decline in factory activity in ten months.[/TD] [/TR] [TR] [TD]New Orders[/TD] [TD]-[/TD] [TD]Less pronounced reduction[/TD] [TD]Despite weak client demand, the decline in new orders eased.[/TD] [/TR] [TR] [TD]Output[/TD] [TD]-[/TD] [TD]Slight decrease[/TD] [TD]Output dropped slightly due to weak demand.[/TD] [/TR] [TR] [TD]Inventory Usage[/TD] [TD]-[/TD] [TD]Continued reliance[/TD] [TD]Firms relied on inventory due to insufficient orders.[/TD] [/TR] [TR] [TD]Input Costs[/TD] [TD]-[/TD] [TD]Increase[/TD] [TD]Elevated input costs led to higher input inflation.[/TD] [/TR] [TR] [TD]Supply Chain Lead Times[/TD] [TD]-[/TD] [TD]Extended[/TD] [TD]Input cost rise resulted in longer supply chain lead times.[/TD] [/TR] [TR] [TD]Employment[/TD] [TD]-[/TD] [TD]Growth[/TD] [TD]First job growth in the sector in four months.[/TD] [/TR] [TR] [TD]Business Optimism[/TD] [TD]-[/TD] [TD]-[/TD] [TD]Companies optimistic about a better economic environment.[/TD] [/TR] [/TABLE] The forecast for the [B]S&P Global Manufacturing PMI[/B] suggests an improvement to [B]50.3[/B], up from the previous figure of [B]49.7[/B]. The next release of the [B]S&P Global Manufacturing PMI[/B] is set for [B]Monday[/B] at [B]1:30 PM GMT[/B]. [B][U][Center]USD - ISM Manufacturing PMI[/Center][/U][/B] The ISM Manufacturing PMI is a crucial economic indicator derived from a monthly survey of approximately 300 purchasing managers in the manufacturing industry. Released on the first business day following the end of the month, it measures the level of a diffusion index based on these managers' perspectives on various business conditions such as employment, production, new orders, prices, supplier deliveries, and inventories. A reading above 50.0 signals industry expansion, while below 50.0 suggests contraction. Traders and analysts closely monitor this index as it serves as a leading indicator of economic health, reflecting the quick adjustments businesses make in response to changing market conditions, and offering insights into the companies' views on the economy through the lens of those who are possibly the most informed on current business trends - the purchasing managers. In February 2024, the US manufacturing sector continued its contraction for the 16th consecutive month, as indicated by the Manufacturing ISM Report On Business. The Manufacturing PMI dipped to 47.8, marking a decline in economic activity within the sector. This contraction is attributed to a slowdown in new orders and production, alongside a decrease in employment levels. Despite these challenges, there were some positive developments, such as a slight increase in supplier deliveries and a growth in exports and imports, indicating some resilience in the sector. Notably, industries such as Fabricated Metal Products, Chemical Products, and Transportation Equipment showed growth, highlighting pockets of strength amidst the overall contraction. The report underscores the nuanced dynamics within the manufacturing landscape, with signs of potential recovery in demand and a cautious optimism for the future, despite the prevailing headwinds. [B]TL;DR[/B] [TABLE] [TR] [TD][B]Metric[/B][/TD] [TD][B]February 2024 Value[/B][/TD] [TD][B]Trend[/B][/TD] [TD][B]Notes[/B][/TD] [/TR] [TR] [TD]Manufacturing PMI[/TD] [TD]47.8[/TD] [TD]Contracting[/TD] [TD]16th consecutive month of contraction in the manufacturing sector.[/TD] [/TR] [TR] [TD]New Orders[/TD] [TD]-[/TD] [TD]Decrease[/TD] [TD]Slowdown contributing to overall sector contraction.[/TD] [/TR] [TR] [TD]Production[/TD] [TD]-[/TD] [TD]Decrease[/TD] [TD]Reduction in production levels.[/TD] [/TR] [TR] [TD]Employment[/TD] [TD]-[/TD] [TD]Decrease[/TD] [TD]Decline in employment levels within the sector.[/TD] [/TR] [TR] [TD]Supplier Deliveries[/TD] [TD]-[/TD] [TD]Increase[/TD] [TD]Slight improvement, indicating some sector resilience.[/TD] [/TR] [TR] [TD]Exports & Imports[/TD] [TD]-[/TD] [TD]Growth[/TD] [TD]Indicating pockets of strength despite overall contraction.[/TD] [/TR] [TR] [TD]Growing Industries[/TD] [TD]-[/TD] [TD]-[/TD] [TD]Fabricated Metal Products, Chemical Products, and Transportation Equipment show growth.[/TD] [/TR] [TR] [TD]Overall Outlook[/TD] [TD]-[/TD] [TD]Cautiously Optimistic[/TD] [TD]Signs of potential recovery with cautious optimism for the future.[/TD] [/TR] [/TABLE] The upcoming [B]ISM Manufacturing PMI[/B] is set to be announced on [B]Monday[/B] at [B]2:00 PM GMT[/B]. The forecast for ISM Manufacturing PMI is expected to rise slightly to [B]48.5[/B], up from the previous figure of [B]47.8[/B]. The last time, [B]US ISM Manufacturing PMI[/B] was announced on the 1st of March, 2024. You may find the market reaction chart [B](XAUUSD M5)[/B] below: [ATTACH type="full"]27894[/ATTACH] [B][U][Center]USD – ISM Manufacturing Prices[/Center][/U][/B] The ISM Manufacturing Prices index is a key component of the broader Purchasing Managers’ Index (PMI), specifically focusing on the price level for goods and services within the manufacturing sector. It is based on a survey of around 300 purchasing managers, who are asked to provide their insights on the relative level of prices paid. Released monthly on the first business day after the month ends, this diffusion index serves as a significant gauge of inflation within the manufacturing industry. A reading above 50.0 indicates that prices are rising, while a figure below 50.0 suggests falling prices. Traders and economic analysts pay close attention to this index as it acts as a leading indicator of consumer inflation, reflecting the tendency for businesses to pass on higher costs to consumers, thereby influencing overall economic conditions and monetary policy decisions. In February 2024, the Manufacturing ISM Report On Business indicated that the Prices Index, which measures the cost dynamics within the manufacturing sector, registered at 52.5, experiencing a slight decline of 0.4 percentage points from January’s 52.9. Despite the overall contraction in the manufacturing sector, with the Manufacturing PMI standing at 47.8, the Prices Index remaining above 50 suggests that prices are still increasing, albeit at a slower pace. This moderation in price increases reflects the ongoing adjustments within the manufacturing sector, amidst broader economic activities that continue to expand and varied performance across different manufacturing industries. [B]TL;DR[/B] [LIST] [*]Prices Index at 52.5, down 0.4 points from January, indicating slower price increases. [*]Manufacturing PMI at 47.8, showing ongoing sector contraction. [*]Despite contraction, some manufacturing industries perform variably, reflecting broader economic activity. [/LIST] The next [B]ISM Manufacturing Prices[/B] is scheduled for release on[B]Monday[/B] at [B]2:00 PM GMT[/B]. The forecast for [B]ISM Manufacturing Prices[/B] suggests a slight increase to [B]52.8[/B] from the previous outcome of [B]52.5[/B]. [B][U][Center]AUD - Judo Bank Manufacturing PMI[/Center][/U][/B] The Judo Bank Australia Manufacturing PMI, compiled by S&P Global, is derived from monthly surveys sent to approximately 400 manufacturing purchasing managers, with the headline Purchasing Managers' Index (PMI) being a composite measure reflecting the weighted average of five key indices: New Orders (30%), Output (25%), Employment (20%), Suppliers' Delivery Times (15%, inverted to align directionally with other indices), and Stocks of Purchases (10%). The PMI scale ranges from 0 to 100, where readings above 50 signify expansion and those below 50 denote contraction in the manufacturing sector compared to the preceding month. The Judo Bank Flash Australia Manufacturing PMI dropped to 46.8 in March from 47.8 in February, marking the most significant contraction in the manufacturing sector since May 2020, flash estimates reveal. This decline was primarily fueled by a substantial decrease in new orders, which consequently led to a marked reduction in production levels. Facing dwindling demand, manufacturers have responded by reducing their workforce, scaling back on purchases, and trimming inventory levels. Additionally, price pressures have softened, evidenced by lower inflation rates for both input costs and output prices. Furthermore, the overall business outlook has dimmed, reaching its lowest level of optimism since November 2023, amid growing concerns over high interest rates and challenging economic conditions impacting demand. [B]TL;DR[/B] [LIST] [*]Judo Bank Flash Australia Manufacturing PMI fell to 46.8 in March from February's 47.8, the largest contraction since May 2020. [*]Sharp decrease in new orders led to significant production cuts. [*]Manufacturers reduced workforce, cut purchases, and trimmed inventories due to falling demand. [*]Price pressures eased, with lower inflation for input costs and output prices. [*]Business optimism hit its lowest since November 2023, with concerns over high interest rates and tough economic conditions. [/LIST] The projected [B]Judo Bank Manufacturing PMI[/B] stands at [B]46.8[/B], reflecting a decline from the previous figure of [B]47.8[/B]. The upcoming [B]Judo Bank Manufacturing PMI[/B] is set to be published on [B]Monday[/B] at [B]10:00 PM GMT[/B]. [HR][/HR] [I]Disclaimer: The market news provided herein is for informational purposes only and should not be considered trading advice.[/I] [/QUOTE]
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