NZX 50 ends 0.8% lower, near 6-week low
New Zealand stocks dropped 108 points, or 0.8%, to close at 13,711 on Thursday, touching the lowest level since July 31. Industrials, utilities and financials weighed on the index.
8%, to close at 13,711 on Thursday, touching its lowest level since July 31, after rising in the previous session, tracking a downbeat session on Wall Street overnight following a surge in Treasury yields and rising oil prices. Oil continued to rise, raising concerns over inflation and boosting bets that central banks would raise interest rates, including the RBNZ, which recently hiked its interest rate for the second straight meeting. Traders also anticipated the release of US inflation data later this week for clues on the Fed's monetary policy decision at its upcoming meeting, as well as New Zealand's manufacturing PMI for August due on Friday.
3%), Westpac Banking Corp. 2%).