The NZX 50 fell 98 points, or 0.7%, to close at 13,699 on Monday, ending a three-session winning streak and mirroring Friday’s tech-led decline on Wall Street. Sentiment was further dampened by caution ahead of New Zealand’s Q3 unemployment data, due later this week, and by persistent concerns that the RBNZ could signal a possible interest rate hike at its December meeting in response to renewed inflation risks.
Weaker-than-expected Chinese PMI readings also weighed on the market. The official government survey showed an unexpected contraction in factory activity in October, while the private gauge indicated a slowdown in manufacturing growth. These data points added to global growth concerns, though easing oil prices helped temper inflation worries.
The broader index retreated from the high reached on Friday, its strongest level since October 15, with materials and healthcare stocks under particular pressure. Among the notable decliners were Fisher & Paykel (-3.2%), Chorus (-2.0%), Freightways Group (-2.0%), and Westpac Banking Corp. (-1.1%).
