FX.co ★ New Zealand Shares Extend Losses in Fourth-Day Slide

On Wednesday morning, the NZX 50 dropped by 21 points, or 0.2%, to settle at 13,256, marking its fourth consecutive session in the red and reaching its lowest point since September 29. This decline comes amid traders' ongoing caution due to persistent US-China trade tensions. Additionally, market participants are anticipating the release of September's Chinese consumer and producer price data, with an expectation of further decreases, indicating sustained weak domestic demand in China. Furthermore, new insights from the IMF have added to the pressure, as the fund projects global GDP growth to remain below 2024’s rate at 3.2%, despite a slight upward revision from the July figure of 3.0%. Nonetheless, remarks from Fed Chair Jerome Powell that reinforced expectations for potential interest rate cuts helped temper the decline. The index was primarily dragged down by the materials, healthcare, and utilities sectors, with significant declines observed in Vulcan Steel (-1.7%), Fisher & Paykel (-1.5%), Meridian Energy (-1.5%), Gentrack Group (-0.9%), and Ryman Healthcare (-0.7%).