New Zealand ANZ business confidence dropped to -73.1 in the April’s preliminary reading, down from March’s -63.5. Own activity outlook dropped sharply from -26.7 to -61.2. Export intentions dropped from -25.8 to -43.6. Investment intentions dropped from -14.4 to -50.2. Employment intention dropped from -22.5 to -53.8.
ANZ said, “firms are reeling from the abruptness and ferocity of the storm that has enveloped them, and with uncertainty extreme, planning a way out is very difficult. The quick-fire fiscal and monetary response will have helped, but times just don’t get much tougher than this.”
