FX.co ★ New Zealand Stocks Extend Losing Streak

On Thursday, New Zealand's leading S&P/NZX 50 index fell by 0.5%, closing at 12,569. This decline marks the third successive session of losses as investor anxiety heightened over the potential involvement of the United States in the ongoing Israel-Iran conflict. The aerial conflict between the two nations has continued into its seventh day, with President Donald Trump keeping global observers in suspense regarding the possibility of U.S. participation in Israel’s attacks on Iranian nuclear facilities. Domestically, recent figures revealed that New Zealand's economy expanded by 0.8% in the March quarter, outperforming the anticipated 0.7% increase. This follows a revised growth of 0.5% in the previous quarter. These statistics indicate a strengthening economic recovery, diminishing the likelihood of a rate cut in July. Among the major stocks, Infratil saw a decline of 1%, Mainfreight dropped by 3.3%, Contact Energy decreased by 1%, and Spark NZ fell by 1.1%.