ts highest since August 2021. But Reserve Bank of New Zealand figures painted a mixed picture: housing and business lending rose in December 2025 while personal and agricultural borrowing fell, suggesting sentiment is improving faster than some pockets of demand.
Why should I care?
For markets: When nerves rise, homegrown signals get louder.
In smaller markets, a strong local read can offset global jitters – and the confidence bounce helps explain the NZX’s resilience. Stock-specific updates also looked more steady than splashy: Chorus said fiber connections in its areas rose about 7,000 to 1.1 million in the December 2025 quarter, while Vulcan Steel completed its acquisition of Roofing Industries after making its final payment under the August 2025 deal.
The bigger picture: Policy and index rules can redirect capital overnight.
Big money often moves on “plumbing” decisions. Reuters reported an Indonesia selloff of more than $80 billion after MSCI flagged a possible downgrade to frontier-market status, underscoring how index classifications can change who’s allowed to own what. And if the Fed’s leadership path looks more political, investors may demand a higher risk premium – a shift that can feed through to currencies and borrowing costs well beyond the US.
