FX.co ★ New Zealand Stocks Extend Losing Streak

New Zealand's S&P/NZX 50 index dropped by 0.4%, concluding at 12,547 on Monday. This marks a third consecutive session of decline and the index's lowest point in a fortnight. The downturn was fueled by uncertainty after US President Donald Trump initially threatened a 50% tariff on European imports, a move he later postponed until July 9. Additionally, he hinted at a 25% tariff on all iPhone and smartphone imports. On the domestic front, attention turns to this week's anticipated decision by the Reserve Bank of New Zealand. The central bank is expected to reduce the official cash rate by 25 basis points. In corporate news, transportation stocks were among the most affected, with Mainfreight declining by 1.3%, Port of Tauranga by 1.2%, and Freightways by 3.2%. Utilities and telecommunications also saw losses, notably Mercury NZ with a 2.4% decline and Spark NZ down by 1.6%.