FX.co ★ New Zealand Stocks Rise After Inflation Data

On Monday morning, the NZX 50 index rose by 24 points, or 0.2%, reaching 12,905, reversing the previous session's losses. This uptick followed the release of softer-than-expected inflation data. The annual inflation rate for Q2 increased to 2.7% from 2.5%, which was slightly below the anticipated 2.8%, leading to optimism that the central bank might maintain the official cash rate at 3.25%. Additionally, traders were looking forward to the People's Bank of China's June fixing announcement expected today. Nonetheless, a degree of caution prevailed with the impending release of New Zealand's trade data scheduled for Tuesday, while markets remained attentive to any developments in trade agreements between the US and its principal trading partners. In the US, stock futures remained stable as investors continued to watch trade negotiations and awaited the big tech companies' earnings reports due this week. Nearly all sectors saw gains, with consumer discretionary and communication services leading the advancement. Notable early performers included Napier, up by 0.6%, Ebos Group by 0.5%, Infratil by 0.4%, and F&C Investment by 0.3%.