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<Econ> N Zealand Apr ANZ Business Confidence Plunges to -10.6; Profit Outlook Deteriorates Sharply
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ANZ Group (ANZ) announced that N Zealand's ANZ Business Confidence Index for April plunged to -10.6 from the previous reading of 32.5, but was still better than the average response of -22.5 recorded at end-March. Inflation expectations rose from 3.08% to 3.81%, the highest since February 2024, though the Reserve Bank of New Zealand may take some comfort from the fact that pricing intentions did not increase further. During the period, firms own activity outlook fell from 39.3 to 19.6, with broad-based declines. The retail sector dropped to 0, the weakest among sectors. Export intentions decreased from 15.2 to 1.1, with sharp declines in both agriculture and manufacturing. Investment intentions fell from 14.5 to 3.3, with manufacturing performing best and retail worst. Hiring intentions declined from 9.4 to -2.7, marking the first negative reading since mid-2024. The residential construction indicator dropped from 35.3 to 11.8, the lowest since July 2024. The commercial construction indicator fell from 42.1 to 27. Corporate profit expectations in N Zealand fell from 19.7 to -13.3. Credit availability eased further, with the index declining from -3.3 to -21.5. Expected cost increases for the next three months rose from 2.99% to 4.57%, the highest since May 2023. Expected pricing increases for the next three months edged up from 2.37% to 2.41%. Expected wage growth over the next 12 months declined from 2.74% to 2.53%. (da/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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