The Reserve Bank of New Zealand is expected to cut the key rate by 25 basis points to 3.5% on April 9, according to economists polled by Reuters.
All 31 economists favor the rate cut, including the country's largest banks, namely ANZ Group Holdings (ASX:ANZ, NZE:ANZ), ASB, BNZ, Kiwibank, and Westpac (ASX:WBC, NZE:WBC), per the report published Friday.
This would be the Reserve Bank's fifth consecutive rate cut. Nearly 90% of the economists expect another 25-basis-point cut in May, according to the report.
ANZ Group's shares fell 3% in New Zealand in recent Friday trade, while its Autralian shares shed 2%. Westpac's Kiwi shares were down about 3%, while its Australian shares slid 2%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.