Animal spirits in 2023: five possible turning points for the markets

Analysts are looking for reasons to shake off the bear market in 2023. (Photo: DALL.E)

Fri, 16 Dec 2022

New Zealand’s benchmark equity index has been in a bear market since September last year and weary investors are hoping the trend will reverse in 2023.Already there has been some improvement. The S&P/NZX 50 Index was down just 12% year-to-date on Thursday morning, up more than 8% from its lowest point in June. But, with inflation and therefore interest rates still stubbornly high, the likelihood of a recession grew each day. Much of the share market decline thus far had been due to repricing companies with higher discou...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Technology Best of BD Reviews

Best of BusinessDesk: Top tech reviews from 2025

Two keyboards, a TV glow-up and some vacuums.

Jacques Steenkamp 5:00am

World

Greenland or NATO? Trump can’t have both

It isn’t for sale, and the consequences of a military takeover would be dire.

The Wall Street Journal 5:00am

Greenland or NATO? Trump can’t have both

Cars Opinion

Tesla’s greatest threat is being boring

The biggest threat may not be flaming out spectacularly.

Bloomberg 5:00am

Sponsored

Generative AI will disrupt 90% of jobs - what it means for the future of work

Here’s what that means for the future of work in New Zealand.

Cognizant

Sponsored

AI is only as good as its data foundation

NZ leaders explain why clean, connected data drives AI value.

Cognizant

More Economy

Economy

Manufacturing activity hits four-year high in December

December's activity for New Zealand’s manufacturing sector hit a four-year high.The seasonally adjusted BNZ – BusinessNZ Performance of Manufacturing Index (PMI) for December was 56.1 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 th...

Rebecca Howard 16 Jan 2026