FX.co ★ New Zealand Shares Fall in Morning Deals

On Wednesday morning, the NZX 50 index fell by 33 points or 0.3%, settling at 13,202. This marked a pause in the gains observed during the prior session and the lowest level witnessed in nearly two weeks. Traders exercised caution ahead of the release of the second quarter GDP data scheduled for Thursday. Current market forecasts predict a contraction of 0.3% quarter-on-quarter, aligning with the Reserve Bank of New Zealand's estimates. This broader market decline mirrored the overnight downturn on Wall Street, preceding the Federal Reserve's monetary policy decision. Additionally, sentiment was dampened by new data indicating persistently weak consumer confidence in New Zealand, exacerbated by rising living costs and continued economic uncertainty. On a more positive note, the current account deficit for Q2 was smaller than anticipated. Nonetheless, nearly all sectors saw a downturn, with financials, healthcare, and utilities experiencing significant losses. Specifically, Fletcher Building decreased by 1.9%, while Fisher & Paykel, Contact Energy, and Infratil each declined by 1.2%. Summerset Group reported a drop of 1.1%, and Port of Tauranga saw a reduction of 0.9%.