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Analysts at TD Securities note that the New Zealand’s Nov ANZ business confidence (tier 1 indicator for markets) remained unchanged at -37 with activity outlook rising marginally from +7.4 to +7.6.

Key Quotes

“Inflation expectations rose from 2.2% to 2.3%. Nov activity outlook was supported by the pickups in figures of employment from -0.3 to +2.2, residential construction from +5 to +29 and commercial construction from -24 to 17.”

“On the other hand, the slip in exports from +14 to +8 and investment from -3 to -4 offset the firm jobs and construction prints.”