NZ Stocks Stay Flat Despite Japan's Rate Hike

New Zealand's stock market remained steady despite Japan's central bank hiking interest rates to a 31-year high.

The S&P/NZX 50 index closed near flat at 13,739.14, suggesting local investors were more concerned with domestic data than the regional macro headline.

Stats NZ reported a NZ$1.3 billion merchandise trade deficit for August, and international airfares rose 4.3% from the prior month.

The increase in airfares is concerning because it hints that parts of services inflation are still running hot, which can make it harder for borrowing costs across the economy to fall.