FX.co ★ NZX 50 Drops Slightly But Monthly Uptrend Holds

The NZX 50 dipped by 35 points, or 0.3%, to 12,550 during Monday morning trading, breaking a two-day winning streak. This decline comes amid a cautious atmosphere in anticipation of China's official June PMI data and private-sector survey results, both expected later today. Given that China is New Zealand’s largest trading partner, its economic indicators hold considerable influence over local markets. Furthermore, focus is shifting to New Zealand's latest business confidence data, also due today, which follows May's figures that dropped to a 10-month low. Companies that saw early losses include Gentrack Group, down 2.5%, Ebos Group, falling 2.3%, and Third Age Health, decreasing by 1.7%. Despite this setback, the benchmark index remains poised for a second straight month of growth, having gained approximately 1% in June, buoyed by robust global market sentiment. On Wall Street, the S&P 500 and Nasdaq have recently achieved record highs due to optimism surrounding the finalization of a U.S.-China trade agreement. President Trump has also hinted at an additional 10 trade deals in progress, including one with India. In parallel, New Zealand's trade surplus expanded in May as exports continued to surpass imports.