New Zealand ANZ business confidence dropped slightly to -8.6 in October’s preliminary reading, down from September’s -7.2. Own activity outlook rose strongly from 18.2 to 26.2. Export intentions rose from 7.4 to 9.2. Investment intentions rose from 9.2 to 14.3. Employment intentions dropped from 14.1 to 12.1. Cost expectations rose form 84.2 to 84.9. Inflation expectations also ticked up from 3.02% to 3.04%.

ANZ said the survey is telling a story of “remarkable resilience”, with most forward-looking activity indicators holding up or improving. Inflation pressures remain “intense” and cost pressures are “extreme”.