New Zealand ANZ Business Confidence dropped sharply from -13.2 to -19.4 in February. Confidence is worst in Agriculture at -63.6, and best in construction at 0. Activity Outlook index dropped from 17.2 to 12.0. Agriculture also scored the worst outlook at -30.3, with construction best at 21.9.
ANZ noted, “it is clear that the human and economic damage being wrought by the devastating COVID-19 outbreak in China, and now in other countries, is taking a heavy toll on sentiment and confidence in the primary sector and manufacturers already”.