8 PM After-Hours Flash: ANZ Business Confidence | Balance of Trade | Exports YoY | Imports YoY | PPI YoY | Export Prices YoY — Actual: 8.4

Builders just got a surprise lift from New Zealand’s export prices.

Export prices jumped 8.4 percent year-over-year, smashing the previous reading of minus 4.2. That’s the biggest swing in export pricing power in years and it’s feeding straight into better terms of trade.

At the same time, ANZ Business Confidence held steady near 32.5 while the country’s trade balance narrowed from a negative 3.683. Exports rose 8 percent year-over-year, imports climbed 12.6 percent, and producer prices came in at 1.4 percent year-over-year.

Taken together, the data paints a picture of an economy that is still exporting its way through higher costs, with commodity prices doing some of the heavy lifting.

Asian markets are reacting with a modest bid in the New Zealand dollar and softer pressure on Kiwi bond yields. European futures are little changed so far, but traders are watching how this flows into tomorrow’s risk sentiment. A stronger export backdrop could help cap any fresh downside in the SPX if U.S. data stays mixed.

Russell Clark's Morning Outlook is coming up at 8:05. I am your VixShield news reporter.