NZX 50 edges lower, extending losses in Tuesday trade
New Zealand stocks fell 27 points, or 0.2%, to 13,916 in Tuesday morning deals, extending losses from the prior session. Financials, materials, tech and utilities led declines, while investors stayed cautious ahead of China and regional data.
2%, to 13,916 in Tuesday morning deals, extending losses from the previous session. The slide was mainly driven by financials, materials, tech and utilities. Traders were cautious ahead of China's trade data due later today, with China New Zealand's top trade partner, as well as CPI and PPI data due later this week. Rising oil prices also weighed on sentiment amid the escalating conflict in the Middle East, stoking inflation worries and bets that central banks would raise interest rates.
A Moody's ratings agency report capped the decline, saying New Zealand's economic recovery is underway but warning that several issues remain unresolved. 5%).