The economic calendar in Asia saw a busy day on Tuesday morning. The important statistics included the building of business confidence and consent figures from New Zealand and the trade data from China.
A business survey in New Zealand has shown that the net of 21% business is expecting a deterioration in the economic conditions in general over the next year. In the quarter 3, there were 40% of the businesses which expected a major deterioration.
In quarter 4, there were 20% manufacturers who expected the economic conditions worsening which improved from 52% in the quarter 3.
In the service sector, there were 26% of the firms have expected the deterioration in the conditions of the economy. This was the sector which was most pessimistic among the sectors in this quarter.
The weak levels of probability had left the firms a lot more cautious over the plans of expansion and the investment particularly in the buildings. A total of 10% in the firms had been looking towards the reduction of investments next year in buildings. In contrast, the firms had been a lot more positive about the hiring for next quarter.
There was movement in the Kiwi Dollar from a level of $0.66306 from $0.66339.
The trade surplus in China had widened to a level of $46.79bn in the month of December from $37.93bn earlier. There was a forecast of it to widen to a level of $48bn by the economists.
The exports saw a rise by 7.6% in the month of December after it reversed a decline of 1.3% in the month of November. The economists had been forecasting an increase of 3.2%.