FX.co ★ New Zealand Stocks Extend Losses

The NZX 50 slipped 11 points, or 0.1%, to 13,600 in Thursday morning trade, logging a second straight decline and mirroring overnight weakness on Wall Street as investors revisited the durability of the recent AI-led rally. Market participants looked ahead to New Zealand’s May consumer spending figures, due Friday, following last Tuesday’s business confidence release, as well as key US employment data later in the day.

Softer oil prices helped limit the downside by easing inflation worries and tempering expectations of further interest rate hikes. Still, communication services, industrials, utilities, and consumer staples exerted the most pressure on the benchmark. Among notable movers, Freightways Group lost 1.6%, Henderson Far East Income slipped 1.1%, Auckland International Airport declined 0.9%, and A2 Milk eased 0.5%.

On the data front, New Zealand building permits fell 4.0% in May, reversing an upwardly revised 11.1% increase in April.