NZX 50 Slumps to Lowest Level Since June Amid Cautious Investors
New Zealand's stock market took a hit on Friday, closing at its lowest level since June 29 after losing 131 points, or 1.0%, to close at 13,580.
The decline came despite morning gains, and extended losses from the previous session, as investors waited with bated breath for key economic data releases in the US and New Zealand.
Traders were cautious ahead of the release of US inflation data later that day, which could provide clues on the Federal Reserve's monetary policy decision next week.
The NZX 50 also took a hit due to rising oil prices and surging Treasury yields overnight on Wall Street.
Furthermore, investors were keeping an eye on upcoming releases in New Zealand's Q2 GDP and economic data from China, its top trading partner.
The manufacturing sector in New Zealand expanded at a slower pace in August, with almost all sectors trading in the red, led by materials.