A round of early-August data painted a mixed picture of Asia-Pacific demand, with Australian activity accelerating, Japan showing tentative improvement and New Zealand posting a wider monthly trade shortfall. Australia’s S&P Global flash composite PMI rose to 54.9 in August from 53.8, driven by a manufacturing reading of 52.9—the highest since September 2022—and a services gauge of 55.1, the strongest since April. Both indicators remain comfortably above the 50-point line that separates expansion from contraction, suggesting momentum is building ahead of next month’s Reserve Bank policy meeting. In Japan, the flash manufacturing PMI improved to 49.9 from 48.9 but stayed below the expansion threshold, while the services index eased to 52.7 from 53.6, leaving the composite measure at 51.9. Separate Ministry of Finance figures showed foreign investors purchased ¥1.16 trillion ($8.0 billion) of Japanese equities in the week to 15 August, the largest inflow since April, even as domestic investors were net sellers of overseas bonds. New Zealand’s near-term trade picture deteriorated. The country recorded a NZ$578 million ($347 million) deficit in July after a NZ$142 million surplus in June, as imports climbed to NZ$7.28 billion and exports edged up to NZ$6.71 billion. The 12-month shortfall narrowed slightly to NZ$3.94 billion but remains a drag on growth.