New Zealand April business confidence 49.3 (vs. 57.5 prior )

ANZ business survey, business confidence and activity both lower than in March. April 2 was when Trump announced his huge tariffs, though he did back track on them somewhat.

• Business confidence fell 9 points to 49.3
• Expected own activity fell 1 point to 47.7

ANZ comments:

• past own activity (the best GDP indicator in the survey) jumped 10 points from 1 to 11, while past employment jumped 8 points, from -6 to 2.
• Most forward-looking activity indicators were sharply lower in the late-month responses.
• Pricing and cost indicators indicate margin squeeze from ongoing cost pressures. One-year-ahead inflation expectations were little changed at 2.65%.

more to come