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ANZ survey: NZ business confidence eases to +52 as oil rise hits late responses

investinglive.com · 4h · first reportShare

For the Reserve Bank of New Zealand, the key message is that inflation expectations did not move as oil prices jumped, which ANZ described as encouraging while stressing it is early. Against that, wage expectations edged up and ANZ says spare capacity may be getting used up faster than the central bank assumed in its recent Monetary Policy Statement, a mild upside risk to its wage forecasts. The weaker late-month activity readings suggest the oil price rise is starting to weigh on sentiment, which could temper the case for tighter policy. New Zealand dollar and rates traders will be watching whether the late-month softness persists in the October survey. --- New Zealand firms stayed cautiously upbeat in September, but activity readings weakened once oil prices spiked, while inflation expectations held at 3.25%. Summary: ANZ's September survey showed business confidence easing by around 2 points to +52, while expected own activity held steady at +48. Reported past activity fell 5 points