New Zealand Stocks Start the Week Lower
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The NZX 50 index fell 76 points (0.6%) to 13,346 in morning trading on Monday, reversing previous gains. This decline followed a drop on Wall Street due to rising Treasury yields and a stronger dollar after President Trump nominated Kevin Warsh for Fed Chair. Economic data from China, showing a contraction in the services sector, also affected sentiment. Almost all sectors were down, with notable declines in Westpac Banking Corp. (-1.9%) and Delegat Group (-1.8%). Traders are awaiting the Q4 unemployment rate and US jobs data later this week.
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