Slowing global growth impacts locally

	Outlook for exports still looks good, but growth risks remain.
	We have revised our forecasted 2011 season Fonterra payout down to around $6.00 per kgms, give or take 20c.
	Outlook suggests fewer OCR increases.

Read the full PDF report.

Other sites of interest: www.asbsecurities.co.nz  www.asb.co.nz  www.commbank.com.au

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Report prepared by:
James Shortall
ASB Rural Economist
Phone: +64 9 337 4263
Fax: +64 9 302 0992