NZX 50 Edges Lower to Start the Week
The NZX 50 dropped 17 points, or 0.1%, to 13,795 in Monday morning trade, extending losses from the previous session and tracking a slight fall in US stock futures. Higher oil prices continued to pressure sentiment after US President Trump rejected a ceasefire presented by Iran. High oil prices persisted, raising concerns over inflation. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist. Traders also anticipated the release of New Zealand business confidence for September, China’s PMI data, as well as the US PCE Index and jobs data due this week, which could provide clues about the Fed’s monetary policy decision at its upcoming meeting. Tech, financial, industrial, and real estate sectors mainly weighed on the index, with early decliners including Gentrack Group (-3.4%), Brisco Group (-2.9%), Sanford (-1.5%), Summerset Group (-1.4%), Infratil (-1.1%), Fletcher Building (-1.0%), and Channel Infrastructure (-0.8%).
1%, to 13,795 in Monday morning trade, extending losses from the previous session and tracking a slight fall in US stock futures. Higher oil prices continued to pressure sentiment after US President Trump rejected a ceasefire presented by Iran. High oil prices persisted, raising concerns over inflation. Recently, RBNZ Governor Anna Breman warned that inflation could be higher if high oil prices persist.
Traders also anticipated the release of New Zealand business confidence for September, China’s PMI data, as well as the US PCE Index and jobs data due this week, which could provide clues about the Fed’s monetary policy decision at its upcoming meeting. 8%).