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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
ANZ’s business survey was stronger again in November with confidence rising to 30.8 from 23.4, highest since early 2015, and the outlook to 26.3 from 23.1. Both are above their historical averages. These measures rose sharply in October helped by post-election optimism and a more pro-business government but so far this tendency is not proving temporary. Yesterday the RBNZ spoke about demand slowing less than expected and this data is suggesting that it could be picking up again.
NZ ANZ business survey
Source: MNI - Market News/Refinitiv
- Inflation expectations eased 0.1pp to 4.8%, moderating but possibly too slowly, another concern of the RBNZ. They have been gradually coming down but remain above the 3.1% average. Business costs also remain high but eased further, although pricing intentions edged up to 46.8, around the 3-month average.
NZ ANZ price components
Source: MNI - Market News/Refinitiv
- Employment remained positive at 5.4% and while it is below the historical average, it is higher than most of 2023.
- Investment remains positive and although capacity pressures eased almost 3 points, they remain slightly above average. Profits turned positive for the first time since mid-2021. Given the focus on housing demand in the RBNZ’s November Statement, it is good news that residential construction rose to 0 from -12.5.
- Exports have been a weak spot in the economy but they improved again in November. They are still lacklustre though.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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