Mumbai, June 23 -- Flash PMI data from S&P Global showed that business activity in Australia came close to stabilising in June after a slight decline in May. The seasonally adjusted S&P Global Flash Australia PMI Composite Output Index rose to 49.8 in June from 48.7 in May, remaining just below the 50.0 no-change level.
Services activity was broadly unchanged, while manufacturing output continued to decline slightly at a pace similar to May. Despite the improvement in overall activity, new orders fell solidly for the fourth consecutive month since March, with many businesses citing ongoing market uncertainty. New export orders also declined again.
Business confidence weakened significantly, dropping to its lowest level since March 2020 an...