October PMI data kicked off in Australia early this morning where, as calculated by the Commonwealth Bank, services dipped to 50.8, the composite to 50.7 and manufacturing to barely visible growth at 50.1. In Tokyo, the manufacturing sector dipped to 48.5 from 48.9 in September, both data points denoting contraction, and the largest drop in 3 years. Leading and coincident economic indices also published today both fell in the month to August. Later today we’ll get comparable figures for France, Germany (where manufacturing and the composite are already contracting) and the Eurozone.
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