NZ Sharemarket Tumbles Ahead of US Fed Rate Hike

The New Zealand sharemarket experienced a late decline ahead of the US Federal Reserve's interest rate announcement. The S&P/NZX 50 Index fell back in the afternoon, closing at 13,560.69. This move comes as investors await the expected rate increase from the Federal Reserve.

The market's performance was also influenced by concerns over artificial intelligence, with some warning about its pace. Despite these factors, the sharemarket's overall trend remains stable. The latest development has left investors watching closely for any further moves by the US central bank.