New Zealand Stocks Start the Week Muted
The NZX 50 was almost flat, trading around 13,745 in Monday morning deals, after gaining in the previous two sessions, as gains in energy and healthcare were offset by declines in tech, utilities, and consumer staples. Traders continued to monitor the escalation of the conflict in the Middle East and its impact on oil prices, amid concerns over inflation. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week. Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI and PPI data amid continued weak domestic demand and rising oil prices. Meanwhile, US stock futures were little changed after Wall Street posted a winning week ahead of inflation data and a busy week of earnings. Early gainers included Ebos Group (2.1%), Colonial Motor (1.4%), Freightways Group (0.9%), Fisher & Paykel (0.9%), and Westpac Banking Corp. (0.6%).
The NZX 50 was almost flat, trading around 13,745 in Monday morning deals, after gaining in the previous two sessions, as gains in energy and healthcare were offset by declines in tech, utilities, and consumer staples. Traders continued to monitor the escalation of the conflict in the Middle East and its impact on oil prices, amid concerns over inflation. Caution mounted ahead of the release of New Zealand's food inflation and business PMI data due later this week.
Traders also awaited US inflation data for clues about the Fed's interest rate decision at its upcoming meeting, as well as China's September CPI and PPI data amid continued weak domestic demand and rising oil prices. Meanwhile, US stock futures were little changed after Wall Street posted a winning week ahead of inflation data and a busy week of earnings. 9%), and Westpac Banking Corp. 6%).