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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 business confidence rose to -13.1 in July from -18 to be the highest since September 2021. This signals that the economy has some resilience given there has been 525bp of tightening since then. The activity outlook deteriorated to 0.8 from 2.7 but is pointing to a trough in GDP growth and employment intentions rose to their highest since late 2022.
- The pricing components of the survey remained elevated but continued their gradual moderation. Inflation expectations eased to 5.1% from 5.3% in June. It peaked at 6.4% in November 2022. Pricing intentions remained high but were 48.1 down from 49.3 and 80.5 in March 2022. All sectors saw a drop in selling price expectations except services which rose to 3.2% q/q from 2.9%. Unfortunately, costs rose to 80.6 from 76, but still below May’s 84.1, and the share of firms expecting to increase wages rose to 81.8% from 80.2% and was broad based. But expected wage growth over the coming year continued to trend down at 4.1% from 4.2%.
- The activity components were mixed with investment down to -3.3 from -2.7, but still above the Q2 average, and profits to -24.5 from -24.1. Exports rose though to +1.5 from -1.8 and residential construction to -24.1 from -51.5 helped by increased migration and the pause in tightening. Expected employment rose to -1.6 from -3.5, the highest since October 2022.
NZ ANZ business survey price/cost components
Source: MNI - Market News/Refinitiv
NZ GDP q/q% vs ANZ activity outlook
Source: MNI - Market News/Refinitiv
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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