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Analysts at TD Securities point out that New Zealand’s July Manufacturing PMI fell  to 48.2 from 51.3 in June.

Key Quotes

“The employment measure fell by 4.6 points, the lowest levels since Aug 2016 and the new orders measure and the finished stocks measure fell by 3.5 points and 4.1 points respectively. Deliveries inched up 0.3%.”