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Financial News: New Zealand ANZ Business Confidence Strengthens In May

New Zealand ANZ Business Confidence Strengthens In May

05/11/2020 - 00:39:00 (RTTNews)

(RTTNews) - New Zealand business confidence improved strongly in May as the economy emerges from lockdown, a preliminary business outlook survey from ANZ showed Tuesday.

The business confidence index surged 21 points to -45.6 in May from -66.6 in April. The 'own activity outlook' index advanced 13 points, still a net 42 percent expects lower activity for their firms in the year ahead.

All forward-looking activity indicators namely export intentions, investment intentions, capacity utilization, employment intentions and profit expectations improved from April levels but they remained extremely weak. At the same time, backward-looking indicators were deteriorating.

Further, the survey showed that expected costs remained near lows and pricing intentions were negative. The one-year ahead inflation expectations dropped to 1.28 percent from 1.46 percent.

The ANZ said reducing coronavirus cases to negligible levels sharply reduces a huge downside risk for businesses, but it is clear that very tough times nonetheless lie ahead.

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