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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
Q2 Westpac consumer confidence remained depressed at 83.1 but ticked up from 77.7 in Q1, which was the second lowest, after Q4 2022, since the series began in 1988. The weakness is broad based. But with two consecutive quarterly increases, it may be signalling a turning point in not just sentiment but also real consumption growth. However, the outlook remains subdued.
- 100 shows that the number of pessimistic households is the same as optimistic. Thus a 83.1 reading indicates that currently the pessimists strongly outweigh the optimists. Present conditions rose to 74.6 from 72 and expected conditions +7.4 points to 88.8.
- The current financial situation remained extremely negative at -29.1 driven by inflation pressures and rising rates. The expected situation rose 3.5 points to -0.3.
- Headline sentiment may be indicating that consumption growth has reached a trough but it is likely to remain very subdued going forward, given “good time to buy” rose 2.5 points to -21.7, indicating that households will continue to cut back.
NZ Westpac consumer sentiment vs real private consumption y/y%
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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