FX.co ★ New Zealand Shares Fall from Over 6-Week High

The NZX 50 experienced a decline of 60 points, or 0.5%, settling at 12,724 during Thursday morning's trading session. This marks the end of a five-day winning streak, pulling back from its highest levels in over six weeks. Despite a historic closing of the S&P 500 on Wall Street, bolstered by the U.S. inking a trade agreement with Vietnam that imposes a 20% tariff on Vietnamese imports, the NZX 50 faced a downturn. Market sentiment was cautious in anticipation of China's June Services PMI release, expected later in the day, following May's figures that hovered near a seven-month low due to tepid demand and increasing U.S. tariffs. The most significant losses were observed in the healthcare, non-energy minerals, and energy minerals sectors. Nevertheless, the decline was mitigated by a recovery in New Zealand's business confidence in June, after reaching a 10-month low in May. Investors are now looking towards next week's meeting of the Reserve Bank of New Zealand, where it is anticipated that interest rates will remain steady following a 25 basis points reduction to 3.25% in May. Notable decliners included Fisher & Paykel Healthcare, down 2.1%; A2 Milk, down 1.4%; Ryman Healthcare, down 1.3%; and Scales Corp., down 1.2%.