New Zealand manufacturing contracts in May amid economic uncertainties https://t.co/L5NvVifjvK https://t.co/L5NvVifjvK
New Zealand Manufacturing PMI for May 2025: 47.5 (prior 53.3) https://t.co/5o9mWhEfp0
New Zealand BusinessNZ Manufacturing PMI May: 47.5 (prev 53.9; prevR 53.3)
Bank of America CEO Brian Moynihan projected a mid-to-high single-digit percentage growth in market revenue for the second quarter of 2025, driven by continued gains in trading revenue, which is expected to rise for the 13th consecutive quarter. However, investment-banking fees are forecasted to decline by approximately 25% in Q2, a downturn attributed to the chilling effect of President Donald Trump’s policy announcements on dealmaking activities. The bank also anticipates a soft retail sales report for May, with stable control group spending but notable softness in home improvement, groceries, and general merchandise categories. Credit card spending per household decreased by 0.7% month-over-month on a seasonally adjusted basis, with year-over-year credit card spending slightly down. Specific spending trends show restaurant expenditures up 2.5% year-over-year, while travel spending fell 4.8%. Meanwhile, New Zealand’s manufacturing sector contracted in May, with the BusinessNZ Manufacturing PMI dropping to 47.5 from a previous 53.9, signaling economic uncertainties in the region. Retail card spending in New Zealand showed mixed results, with a slight month-over-month decline in card spending for retail and a marginal increase in total card spending.
