New Zealand
ANZ Business confidence for July, -15.3
- prior was -2.3
and, ANZ Activity Outlook for July, +19
- prior was 23.6
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Another dreadful result for the NZ ANZ Business Confidence survey
Last month's confidence result was the worst in 4 years .... not anymore it isn't ... now at a 6 year low
ANZ comments:
- "In-depth results are not dire and still flag growth across the economy, though nuances are more circumspect in tone
- Survey results point to an economy needing a tailwind in the form of lower OCR"
(OCR is the Official Cash Rate ... i.e. an RBNZ interest rate cut cut)
Difficult to see a respite for it given the direction of dairy prices .... dairy exports account for 7% of NZ GDP & 30% of its exports
NZD marked lower
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In case you're in any doubt about how poor this results is ....
