Australian preliminary / flash S&P PMI for September 2025:Composite: 52.1 (prior 55.5) Manufacturing: 51.6 (prior 53.0) Services: 52.0 (prior 55.8) In summary from the report:weaker business activity as new orders slowed and manufacturing slipped back into contraction under U.S. tariff pressureexport demand softenedconfidence fell to a one-year lowjob growth held steadyprice pressures remained elevated, with rising input costs squeezing manufacturers’ margins---Yesterday we had Reserve Bank of Australia Governor Bullock nodding to improving data. This might give pause. No discernable AUD impact from this, there rarely is. This article was written by Eamonn Sheridan at investinglive.com.