FX.co ★ New Zealand Stocks Edge Lower

New Zealand's leading S&P/NZX 50 index edged down slightly by 0.05% to end at 12,461 on Wednesday, marking a decline for the sixth straight session. This downward trend came as investors assessed the sustainability of the ceasefire between Iran and Israel. On Tuesday, both nations indicated that the air conflict had ceased, at least temporarily, following a public reprimand from President Donald Trump, who criticized them for breaching the truce he had facilitated. Concurrently, in a congressional testimony, Federal Reserve Chair Jerome Powell stated that the US central bank is under no immediate pressure to reduce interest rates. Domestically, New Zealand’s trade surplus saw a significant increase, reaching NZ$1.2 billion in May, compared to NZ$54 million in the corresponding period the previous year, and surpassing market expectations of NZ$1.1 billion. This was attributed to faster growth in exports, which rose by 9.7%, compared to a 7.2% increase in imports. On the corporate side, significant decliners included Auckland International Airport, which fell by 1.2%, Infratil, which dropped by 1.5%, and Fletcher Building, which decreased by 2%.