New Zealand: Very deflationary shock – ANZ

The preliminary ANZ Business Outlook data for April saw every activity indicator plunge. Most hit record lows by a very large margin, per ANZ Bank.

Key quotes

“Business confidence fell 9 points to -73% in the preliminary April read of the ANZ Business Outlook survey. Expected own activity plummeted 34 points, with a net 61% of firms now expecting lower activity for their firm in the year ahead. We’ve never seen numbers like these.”

“Expected costs fell 15 points, pricing intentions dropped sharply into negative territory for the first time ever, and inflation expectations fell from 1.51% to 1.28%, a record low.”