New Zealand Stocks Set for Weekly Fall
The NZX 50 dropped 16 points, or 0.1%, to 13,794 in Friday morning trade, extending losses from the previous session, mainly weighed down by the real estate, communication services, and tech sectors. Rising oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased. On the data front, New Zealand's consumer confidence edged down in September but remained above its April low. Among early losers were FC Investment (-1.0%), Westpac Banking Corp. (-0.9%), Infratil (-0.9%), and Briscoe Group (-0.7%). For the week, the index is heading for a 0.1% fall, which would be its first weekly decline in three weeks.
1%, to 13,794 in Friday morning trade, extending losses from the previous session, mainly weighed down by the real estate, communication services, and tech sectors. Rising oil prices pressured sentiment, raising concerns over inflation expectations and interest rate hikes, after a report that the US deployed more forces to the Middle East. Caution also prevailed as traders awaited US jobs data after the closing bell for clues about the Fed's monetary policy decision at its upcoming meeting. However, an upbeat session on Wall Street overnight capped the fall as the Treasury selloff eased.
On the data front, New Zealand's consumer confidence edged down in September but remained above its April low. 0%), Westpac Banking Corp. 7%). 1% fall, which would be its first weekly decline in three weeks.