NZX 50 Tumbles as Oil Prices Rise and Business Confidence Falls

New Zealand's stock market started October on a down note, as the NZX 50 index fell by 54 points or 0.4% to 13,781 in morning trade.

The decline came after a gain in the previous session, tracking a fall on Wall Street overnight due to a softer-than-expected inflation rate being offset by rising oil prices.

The ongoing Middle East conflict also weighed on sentiment, with traders concerned about potential inflationary pressures from higher oil costs.

New Zealand's business confidence hit a three-month low in Wednesday's data, adding to the bearish mood.

However, fresh building permits data showed a rise at its fastest pace in four months in August, which somewhat limited the fall.