New Zealand Stocks Fall Amid Oil Price Jitters and Strait of Hormuz Uncertainty

New Zealand's stocks closed lower on Tuesday, mirroring a decline on Wall Street overnight. The New Zealand index lost 28 points, or 0.2%, to close at 13,861.

The decline was largely driven by rising oil prices amid uncertainty over the reopening of the Strait of Hormuz, which raised concerns about inflation and doubts about whether the Federal Reserve will cut rates this year.

Traders are awaiting the release of US inflation data later this week for clues about the Fed's monetary policy at its upcoming meeting. Meanwhile, rising oil prices have also sparked questions about how they could affect the RBNZ's monetary policy decision in September.

The RBNZ will also be releasing its Q3 inflation expectations, which accelerated in Q2, ahead of this week's data release. This has added to caution among investors.