Analysts at TD Securities note that New Zealand’s, Dec PMI increased to 55.1 from 53.7 in Nov, largely driven by gains in production +3.8, finished stocks +3.3 and deliveries +5.5.
“It was an 8m high and above the long-term average of 53.4. NZGBs held offshore declined further from 56.2% to 54.6% in Dec, ending 2018 at the lowest ratio since mid-2004.”
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