Australia - CBA/Markit Manufacturing PMI for May (final) hits record low at 44

Terrible result, contrasting with the rise for the AiG PMI earlier:

• Australia AiG Manufacturing PMI for May: 41.6 (prior 35.8)

CBA/Markit Manufacturing PMI for May comes in at 44.0:

• preliminary 42.8 (link here for more on the flash read)
• prior 44.1

CBA/Markit key points:

• a substantial deterioration in operating conditions during May as ongoing efforts to curb the spread of the COVID-19 pandemic continued to weigh on the sector.
• Output and purchasing activity both fell at record rates while demand weakened further.
• This led to firms discounting prices for the first time since October 2016 despite increased costs.
• That said, business confidence about the future rose to a five-month high