09.09.202523:07:31UTC+00New Zealand Stocks Extend Losses

In the morning session on Wednesday, the New Zealand share market dipped by 32 points, or 0.3%, to reach 13,220, marking its second consecutive day of decline. This downturn was primarily due to weakened performance in the healthcare, commercial services, and retail sectors, which negatively impacted investor sentiment. Market participants remained on edge as they anticipated critical economic data from China, New Zealand's top trading partner, with the August Consumer Price Index (CPI) and Producer Price Index (PPI) scheduled for release later in the day. Concerns over potential deflation in China persist, given that consumer prices stagnated in July, and producer prices have been declining for 34 consecutive months. Adding to the negative market environment, ANZ Bank announced plans to cut 3,500 jobs next year, marking one of the most significant reductions in the banking sector in recent years. Meanwhile, U.S. market futures showed mixed signals following moderate gains on Wall Street on Tuesday, where a downward revision in payroll data through March prompted questions about the U.S. economy's strength. However, these losses were somewhat mitigated by local statistics indicating a 6.6% surge in tourist arrivals in New Zealand in July, a significant recovery from the 0.8% increase reported in June. Among the early stock market decliners were Winton Land, which fell 3.7%, Fisher & Paykel Healthcare, down 1.7%, and Briscoe Group, which dropped 1.2%.