FX.co ★ New Zealand Stocks Fall for 2nd Day

New Zealand's S&P/NZX 50 index recorded a slight decline of 0.1%, closing at 12,627 on Wednesday, marking its second day of losses. This dip reflects the cautious mood among investors amid rising tensions in the Middle East. The ongoing conflict between Israel and Iran has intensified, now entering its sixth day, with both countries continuing strikes despite US President Donald Trump's call for an unconditional surrender from Tehran. Meanwhile, market participants are paying close attention to the US Federal Reserve's forthcoming policy announcement. Although no changes in the rate are anticipated, investors are eager for insights into future rate cut timings and magnitudes. Domestically, all eyes are on New Zealand's first-quarter GDP report, expected on Thursday. Analysts predict a quarterly growth of 0.7%, though an annual contraction of 0.8% is forecasted. In corporate news, utility stocks were notably weak, pulling down the index. Key players like Meridian Energy fell by 2.1%, Mercury NZ by 1.7%, and Contact Energy by 1.2%.