NZ: Business Confidence index in August fell to -52.3 – TD Securities

New Zealand’s ANZ Business Confidence index in August fell to -52.3 from -44.3 in July which is the lowest level since April 2008.

Key Quotes

“Employment and investment intentions fell, and the outlook for profitability is at its lowest since mid-2009. The Activity outlook gauge for August also fell to -0.5 from 5.0 in July. It's worth noting the bulk of the responses to the survey were submitted before the RBNZ's 50bps cut. While we expect that a rate cut in September is unlikely, a November cut is looking more likely.”