NZX 50 Slips but Eyes Weekly Gain

New Zealand's stocks fell 94 points, or 0.7%, to 13,864 in Friday morning deals, extending losses from the previous session, tracking a decline on Wall Street overnight amid rising oil prices, which reinforced expectations that the Fed could raise interest rates at its upcoming meeting. Traders were cautious ahead of the release of China's trade data and US jobs data later today, as well as China's inflation data due on Sunday. Rising oil prices also pressured sentiment as concerns over inflation raised expectations that the RBNZ will hike interest rates. Energy, healthcare, consumer staples, and industrials mainly weighed on the index, with the early decliners including Auckland International Airport (-2.1%), A2 Milk (-2.1%), Fisher & Paykel (-2.1%), Channel Infrastructure (-0.9%), and Smart Healthcare (-0.8%). However, the index is heading for a 1.2% weekly rise after declining in the previous week.

New Zealand's stocks dropped 39 points, or 0.3%, to close at 13,958 on Thursday, halting gains from the previous three sessions, as traders took profits after the index hit a record high a day earlier. Investors continued to assess New Zealand's Q2 unemployment data, which showed the unemployment rate rising to 5.6%, the highest since Q3 2015, amid a surge in inflation, raising questions about the RBNZ's monetary policy decision at its upcoming meeting. Traders were cautious ahead of the release of China's trade data and US jobs data due on Friday. However, further declines in oil prices amid optimism over US-Iran peace talks capped the fall, as easing inflation concerns tempered expectations of an interest rate hike. Healthcare, energy, consumer discretionary, and financials mainly weighed on the index, with the biggest laggards including Fisher & Paykel (-1.6%), Australian Foundation Investment (-1.5%), Freightways Group (-1.3%), Ebos Group (-1.1%), and Infratil (-0.9%).

New Zealand's stocks fell 75 points, or 0.5%, to 13,922 in Thursday morning trade, erasing gains from the previous three sessions, as traders took profits after the index hit a record high a day earlier. Investors continued to assess the latest data after Wednesday's report showed New Zealand's unemployment rate increased to 5.6% in Q2, the highest since Q3 2015, amid a surge in inflation, raising questions about whether the central bank will cut interest rates at its upcoming meeting. However, further declines in oil prices amid optimism over US-Iran peace talks limited the fall, as easing inflation concerns tempered expectations of an interest rate hike. A rise in US stock futures also capped further declines as traders turned their attention to another round of corporate earnings reports. Healthcare, consumer staples, and utilities mainly weighed on the index, with early losers including Fisher & Paykel (-3.4%), Fletcher Building (-2.9%), Mercury NZ (-1.2%), and ANZ Group (-0.8%).