13.05.202622:55:50UTC+00New Zealand Stocks Hit 2-Week Low

The NZX 50 slipped 0.3% to 13,020 on Thursday morning, its lowest level since April 30, extending losses into a third straight session. The decline was led by weakness in energy, utilities, and industrial stocks. Caution grew after the RBNZ’s quarterly survey pointed to expectations of higher inflation, interest rates, and unemployment, alongside softer growth over the coming year. Sentiment was further dampened ahead of Friday’s releases of New Zealand’s food inflation figures and the manufacturing PMI. Globally, markets are also focused on a possible meeting later this week between US President Trump and Chinese President Xi Jinping. New Zealand equities were additionally pressured by a 3.5% plunge in the broader market after a company warned of its largest loss in four years, citing higher fuel costs linked to the conflict in the Middle East. Among early laggards were AFC Pharmaceuticals (-2.5%) and Contact Energy (-1.0%).