The AMP Capital New Zealand Insights Paper – March 2019
The key messages in the paper are:
GDP growth in NZ in 2019 is likely to be similar to 2018 as potential positive and negative influences balance out
Consistent with global trends, NZ inflation remains benign creating an easing bias by the RBNZ
The NZD is currently around fair value against the USD and stronger against the AUD
Global growth has fallen sharply since late 2018, turning global central banks towards an easing bias
Global bond yields have fallen sharply this year and are likely to fall further
Valuations for NZ equities continue to climb with the one-year forward PE at a record 27.3
