Australia’s S&P Global Services PMI rose to 52.8, up from the previous 52.5, marking a 0.3 point increase. This indicates a slight improvement in the services sector activity.
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The actual PMI reading of 52.8 slightly exceeded analyst estimates of 52.7, suggesting marginally stronger-than-expected expansion in the services sector. This could positively influence market sentiment, particularly benefiting stocks in the services and consumer sectors. The impact is likely to be short-term, driven by improved business activity expectations.