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New Zealand's business confidence lifted in October

FXStreet (Bali) - ANZ business confidence for October registered 26.5 vs 13.4 last, while ANZ activity outlook came at 37.8 vs 37.0 last.

Official release - ANZ

"We put September’s decline in confidence down to politics, and this month we say the same. Confidence is still well down from its February euphoria (a net 71% of firms were optimistic back then) but readings are still north of the long-run average. Excluding the bounce in headline business confidence, the remainder of the survey resembles a mouse treadling on the exercise wheel; it looks pretty familiar.

- Firms’ activity expectations were basically unchanged at +38.

- Expected profitability dropped marginally (from +19 to +17). That’s well down from the peak of +45 in February, but solid.

- Investment intentions eased from +20 to +16.

- A net 19% of businesses expect to be hiring more staff over the year ahead; that’s down 2 points on the month prior, but okay.

- Stripping out a mild seasonal element, firms’ own activity expectations, profit expectations and employment investment intentions lifted a smidgen. Life on the prairie for the average business may not be stellar but it looks solid.

- Export intentions nudged up (+22 to +25).

- Sentiment in the residential construction arena was down, but was up in the commercial sector; the levels still look reasonable.

- Pricing intentions nudged higher. A net 24% of respondents expect to be raising prices over the year ahead

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