FX.co ★ New Zealand Stocks Slide to 2-Week Low

On Friday, New Zealand's primary S&P/NZX 50 index declined by 1% to settle at 13,464, marking a two-week low as losses from the previous session continued. This downturn mirrored the significant decline witnessed on Wall Street, driven by a widespread sell-off in the technology sector. Additionally, remarks from US Federal Reserve officials diminished expectations for a rate cut in December. Investors largely overlooked domestic data showing an expansion in New Zealand’s manufacturing sector for the fourth consecutive month in October. Almost all sectors experienced declines, with significant losses recorded in Ryman Healthcare (-3.1%), Infratil (-1.6%), Auckland International Airport (-0.9%), Spark NZ (-0.9%), Meridian Energy (-0.85%), and Contact Energy (-1.0%). Overall, the index fell by 1% over the week, thus ending a streak of three consecutive weeks of gains.