NZX 50 Hits Six-Week Low as Oil Prices Fuel Inflation Concerns

New Zealand stocks closed lower on Thursday, hitting their lowest level since July 31. The NZX 50 dropped 108 points or 0.8% to close at 13,711.

The decline was driven by concerns over inflation and interest rates. Oil prices continued to rise, boosting bets that central banks would raise interest rates, including the RBNZ which recently hiked its rate for the second straight meeting.

Traders also awaited key economic data releases this week, including US inflation figures and New Zealand's manufacturing PMI for August.