FX.co ★ New Zealand Stocks Pare Gains

On Wednesday, New Zealand's key S&P/NZX 50 index saw a modest increase, closing up 0.05% at 12,767, though it pared back stronger gains from earlier in the session. The uptick was initially fueled by a rally on Wall Street, sparked by unexpectedly mild US consumer inflation figures, which bolstered hopes for a Federal Reserve interest rate cut in September. Investor sentiment was further lifted by the extension of the US-China trade truce, mitigating fears of tariff hikes. Domestically, New Zealand's seasonally adjusted electronic card spending experienced a 0.2% month-on-month rise to NZ$6.89 billion in July, marking a second month of consecutive growth, albeit a slower pace than June's 0.5% increase. In the corporate arena, real estate stocks emerged as significant performers, with Precinct Properties climbing 1.2%, Argosy Property rising 1.75%, and Property for Industry edging up 0.4%. Among the large-cap stocks, Fisher & Paykel increased by 0.8%, Spark NZ advanced 0.4%, and a2 Milk went up by 0.7%.