FX.co ★ New Zealand Stocks Extend Losses

The NZX 50 index dipped by 23 points, or 0.2%, landing at 13,186 during early trading on Tuesday. This marks its second straight session of decline and its lowest point since September 4. Investor caution prevailed as they anticipated the upcoming release of Q2 GDP data later in the week. A survey conducted by Reuters suggests that New Zealand's economy is likely to shrink by 0.3% quarter-on-quarter, in line with forecasts from the Reserve Bank of New Zealand, following growth in the previous two quarters. Additionally, investor sentiment was subdued ahead of the U.S. Federal Reserve's interest rate decision expected on Wednesday. Nonetheless, losses were somewhat mitigated by positive movements on Wall Street the previous night, driven by encouraging developments in US-China trade discussions and optimism about the Fed's forthcoming monetary policy decision. The utilities, consumer discretionary, and real estate sectors exerted downward pressure on the index, with significant declines from Hallenstein Glasson (-2.0%), Vector Ltd (-1.9%), Briscoe Group (-0.9%), and Westpac Banking Corp. (-0.5%).