NZ Stock Market Falls as Consumer Confidence Rises

New Zealand's stock market took a hit on Friday, defying the trend of most Asian markets rising. The S&P/NZX 50 index fell by 0.46% to 13,699.28, despite a strong lead from US markets and an increase in consumer confidence.

ANZ's July consumer confidence jumped to 99.3, an 8-point rise from the previous month. However, this growth may not translate into increased spending, as Reserve Bank of New Zealand (RBNZ) figures show that personal consumer lending ticked down in June.

The RBNZ's lending split highlights a shift towards lower-risk lending, with mortgage, business, and farm loans expanding at the expense of personal credit. This trend suggests that households may be pulling back on unsecured borrowing due to rate hikes making repayments less manageable.