FX.co ★ NZX 50 Extends Losses, Closes Down 0.1%

The NZX 50 slipped 17 points, or 0.1%, to finish at 13,063 on Wednesday, extending its decline to a second consecutive session. The move tracked overnight weakness on Wall Street after a stronger-than-expected US inflation print, driven in part by higher oil prices, deepened concern that the Federal Reserve may refrain from cutting interest rates this year.

Sentiment was further weighed by domestic data showing that business inflation expectations rose to 2.53% in Q2, the fastest quarterly increase since Q4 2023. Investors also stayed cautious ahead of New Zealand’s food inflation figures and manufacturing PMI, both scheduled for release later this week.

Globally, markets were also attentive to potential developments from a possible meeting between US President Trump and Chinese President Xi Jinping later in the week.

Sector-wise, technology, communication services, and financials led the declines on the NZX 50. Notable laggards included AFC Pharmaceuticals (-6.7%), Westpac Banking Corp. (-4.5%), ANZ Group (-2.6%), Infratil (-1.5%), and Auckland International Airport (-1.3%).