The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index fell 6.9 points to 40.3 on month, hit by a combination of a strong Australian dollar, rising costs and weak demand. Conditions aren’t expected to improve in the coming months after the introduction of a carbon tax for the country’s heaviest polluters and because of low new orders.
The Australian share market was restrained by weak manufacturing data from China and Australia on Wednesday as global markets consolidated before the U.S. Federal Reserve and European Central Bank meetings this week.
The benchmark S&P/ASX 200 index closed down 0.2% at 4262.8 after falling to 4253 from 4268.8 7 intraday. The value of shares traded shrank to A$3.3 billion compared to A$4.3 billion on Tuesday when the index hit an 11-week high of 4288.1.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.