ANZ Says New Zealand Business Confidence Rose in June as Fuel Prices Fell

New Zealand business confidence improved in June, supported by signs of U.S.-Iran reconciliation and lower fuel prices. According to Jin10, ANZ Bank New Zealand said on Tuesday that its June business confidence index rose to 36.6 from 10 in May, marking the highest level since February and well above April’s -10.6. A measure of firms’ own activity also increased, rising to 36.9 from 25.6. ANZ said the improvement in sentiment suggested economic growth this year might not slow as much as initially expected. Sharon Zollner, ANZ Bank New Zealand’s chief economist, said that while conditions remained uncertain, businesses appeared more optimistic about the outlook and more willing to invest and hire. Zollner added that the June survey indicated businesses and the broader economy were expected to recover to some extent toward levels seen before the surge in oil prices.