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New Zealand: Business confidence continues to retreat

FXStreet (Bali) - The ANZ business confidence outlook came at 13.4% in September vs 24.4 prior, while ANZ activity outlook was 37.0% vs 36.6% last.

Key findings - ANZ

"Business confidence continues to retreat. A net 13% of firms are optimistic about general prospects, down 11 points on the month prior and the lowest reading since June 2012. Putting on rose-tinted glasses we note that level of confidence is broadly in line with historical averages. We’ll take it, but we’ve now seen sentiment decline by a whopping 58 points since February. "

"The finger can be pointed at politics this month. Businesses hate uncertainty. Real issues and the policy debate were usurped. Amongst all the finger waving, voters were left looking for the cleanest of all the dirty shirts. "

"Firms are still going about their business. The election has come and gone; what businesses think of the result will be next month’s story. But when survey responses were received the outcome was unknown. Businesses looked, sighed, and signalled a willingness to carry on as normal."

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