New Zealand ANZ Business Confidence rose 4.6 pts from -34.4 to -29.8 in the preliminary July reading. Own Activity Outlook rose even sharply by 19.1 pts from -25.9 to -6.8. Looking at some other details, investment intentions rose from -20.5 to -4.5. Employment intentions rose from -34.7 to -15.3. Profit expectations rose from -46.8 to -25.8.
ANZ said: “New Zealand is in an enviable position (touch wood), with activity largely back to normal, as demonstrated by traffic and spending data and many other indicators. After the rigorous of lockdown we deserve a pat on the back and a little splurge…. Uncertainty is extreme and the global outlook dire. But for now, we’re getting on with our economic lives, and that’ll be helping to repair business’ balance sheets.”