NZ Stocks Steady as Oil Supply Fears Rise Amid Middle East Tensions

New Zealand's stock market remained steady in the face of fresh Middle East attacks that raised concerns over global oil supply.

The attacks on Saudi Arabia and vessels in the Gulf have increased the risk of tighter crude supply and higher fuel prices, which can filter into inflation expectations and interest-rate assumptions that influence stock valuations.

In contrast, New Zealand's business environment looked steadier, with BusinessNZ reporting an expansion of the services sector in August, and Infometrics' Foodstuffs New Zealand Grocery Supplier Cost Index showing supplier costs up 1.9% from a year earlier, unchanged from July.