16.10.202522:59:09UTC+00New Zealand Stocks Head for 2nd Straight Weekly Loss

In Friday morning trading, the NZX 50 fell by 79 points, or 0.6%, to settle at 13,311, interrupting the progress seen over the previous two sessions. This decline mirrored the downturn on Wall Street, driven by ongoing concerns about US-China trade tensions and the persistent US government shutdown. The index is poised to end the week with a 1.2% decline, marking its second consecutive weekly drop. Investors were also on alert for the upcoming release of Q3 domestic inflation data, which is expected to influence the central bank’s monetary policy decisions at the forthcoming meeting. Additionally, market participants were cautious in anticipation of a series of economic indicators from China, New Zealand's primary trading partner, slated for release next Monday. These indicators include GDP, industrial production, and retail sales data. Most sectors experienced declines, particularly in technology, consumer staples, financials, and industrials. Notable underperformers included Fisher & Paykel (-1.3%), Ebos Group (-0.9%), Westpac Banking Corp. (-0.8%), and ANZ Group (-0.7%).