New Zealand’s NZIER Business Opinion Survey saw confidence fall to -64 in the fourth quarter, equal to the lowest reading in nearly 23 years. The reading shows that 64% of companies polled for the survey expect the economy to deteriorate over the next 6 months. The market is currently pricing in a 1% cut when the Reserve Bank of New Zealand announces rates at the end of the month as policymakers scramble to check deepening recession.