NZ Business Confidence Soars on Easing Inflation Expectations

New Zealand business confidence surged in July as inflation expectations eased and companies grew more optimistic. According to an ANZ Bank survey, a net 56.1% of respondents expected the economy to improve over the year ahead, up from 36.6% in June.

Additionally, 49.3% of respondents expected their own activity to grow, also increasing from 36.9% in June. However, sentiment turned sour towards the end of the month as oil prices became volatile, with ANZ commenting that 'it feels like we need a weekly business confidence survey at the moment.'

Oil prices leaped and plummeted throughout July due to changing headlines.