Mumbai, April 23 -- Business activity in Australia stabilised in April after declining in March, according to the latest S&P Global Flash PMI data. The Composite Output Index rose from 46.6 to 50.1, just crossing the 50.0 mark that separates growth from contraction. The improvement was driven by a recovery in the services sector, while manufacturing output fell for the third consecutive month.
Overall demand remained soft, with total new business declining for the second month in a row as geopolitical tensions and uncertainty weighed on client confidence. While domestic demand was weak, export orders increased slightly, supported by stronger sales to North America, Asia and New Zealand.
Business confidence dropped to its lowest level in a...