FX.co ★ New Zealand Stocks Extend Losses

The NZX 50 index fell by 25 points, or 0.2%, reaching 13,430 during Wednesday morning's trading session. This marks a continued decline for the second straight session, bringing the index to its lowest point since November 21. Traders exercised caution in anticipation of the Federal Reserve's upcoming interest rate decision later today. The financial community also took note of a statement from Reserve Bank of New Zealand (RBNZ) Governor Anna Breman, who emphasized that monetary policy is not on a predetermined path and adjustments will be made if inflation expectations shift. Notably, the central bank had previously reduced the official cash rate by 25 basis points to 2.25% at the end of November. Additionally, traders were focused on forthcoming CPI and PPI data from China, a key trading partner for New Zealand, as these figures are expected to provide insights into the economic conditions on the mainland amid ongoing subdued domestic demand. The index faced downward pressure from sectors such as consumer staples, industrials, healthcare, and communication services. Early decliners included Smart Healthcare, down by 1.9%, Auckland International Airport at -1.2%, Infratil decreasing by 0.9%, and Fisher & Paykel down by 0.8%.