It probably increases the risk premium on New Zealand for a few days. |
New Zealand is ahead in the global cycle. The U.K., Australia and Canada are all in boats behind New Zealand, so they may follow the same pattern. |
The New Zealand market perhaps has been through its best years for a wee while. There probably is a bit of negative expectation yet to be built into analyst forecasts of profits. |
To call it one way or the other would be very difficult. |