New Zealand ANZ Business confidence dropped to -8.4 in April, down from -4.1. Own activity outlook dropped slightly to 16.4, down from 16.6. Looking at more details, export intensions rose from 4.5 to 6.6. Investment intentions rose form 11.9 to 12.4. Cost expectations rose from 73.3 to 75.1. Employment intentions dropped slightly from 14.4 to 14.1. Profit expectations dropped notably from -0.6 to -4.3.
ANZ said: “The stresses and strains in the New Zealand economy are starting to show…. rising costs are an economy-wide issue…. It’s inflationary, but not growth-friendly, so the RBNZ will look through it as long as it appears transitory.”