FX.co ★ New Zealand Stocks Trade Lower, Still Set for Weekly Rise

New Zealand's equities experienced a decline of 44 points, or 0.3%, to reach 12,837 during early trading on Friday. This drop interrupted the gains seen in the prior session and was primarily influenced by downturns in the industrials, healthcare, and utilities sectors. The NZX 50 retracted from its nearly three-month high reached the previous day amidst persistent trade uncertainties. Despite a hopeful outlook towards US-China trade relations, investor sentiment was subdued following comments by the Federal Reserve Chair regarding ongoing economic uncertainties and potential supply disruptions. Investors are also awaiting New Zealand's PMI figures and a series of Chinese economic data slated for release next Monday, covering retail sales, industrial production, and a key interest rate decision. Some of the early decliners included F&C Investment Trust (-1.8%), Auckland International Airport (-1.6%), Turners Automotive Group (-1.5%), Fisher & Paykel (-0.8%), Mercury NZ (-1.0%), A2 Milk (-0.4%), and Ebos Group (-0.3%). Nevertheless, the index is on track to achieve a rise of approximately 1.9% for the week, signaling the third consecutive week of gains thanks to easing trade tensions.