NZ Stocks Rise Amid Global Caution, RBNZ Rate Hike Looms

New Zealand's stock market bucked a downbeat trend in Asia, rising by 1.08% to close on a high note.

The S&P/NZX 50 index defied the cautious global mood following US forces' strikes on Iran's Larak Island, according to Reuters citing a US official.

Investors are keeping a close eye on geopolitical tensions as they weigh the impact of fresh US-Iran conflict on markets.

The Reserve Bank of New Zealand (RBNZ) data showed July credit growth was driven by housing and agricultural lending, while consumer and business lending eased.

BNZ, one of New Zealand's major banks, expects the RBNZ to lift its official cash rate by 25 basis points to 2.75% at its next meeting.