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New Zealand business confidence turns negative in June, at four-year low: survey

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New Zealand business confidence turned negative and slumped to its lowest level in more than four years in June as a slowing economy weighed on sentiment, while inflation expectations picked up marginally, an ANZ Bank survey showed on Tuesday.

[WELLINGTON] New Zealand business confidence turned negative and slumped to its lowest level in more than four years in June as a slowing economy weighed on sentiment, while inflation expectations picked up marginally, an ANZ Bank survey showed on Tuesday.

The survey's headline measure showed a net 2.3 per cent of respondents expected the economy to worsen over the year ahead, from a net 15.7 per cent who expected an improvement in the previous survey.

It was the lowest sentiment reading since February 2011, which followed the devastating earthquake which struck the second biggest city Christchurch.

The monthly business outlook survey showed the outlook for exports, investment, employment and profits slipping.

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A net 23.6 per cent of respondents expected their own businesses to grow in the next 12 months, from 32.6 per cent last month.

Inflation expectations edged up to 1.68 per cent compared with the historic low 1.62 per cent in the previous survey, while the number of firms expecting to raise prices edged higher.

REUTERS

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