FX.co ★ New Zealand Stocks Close Near 4-Year High

On Monday, New Zealand's benchmark S&P/NZX 50 Index climbed by 0.4% to reach 13,281, achieving its third consecutive advance and closing at its highest point since October 2021. This boost was largely fueled by gains in the technology sector, with Rakon, ikeGPS, and Gentrack leading the way, recording increases of 3.5%, 3.5%, and 2.7% respectively. Stocks in the distribution and commercial services sectors also showed positive movement, with Vulcan Steel, Steel & Tube, and PGG Wrightson rising by 1.3%, 1.5%, and 2.5%, respectively. Meanwhile, investors are evaluating disappointing export data out of China for August, with exports hitting a six-month low due to a significant decline in shipments to the US amidst ongoing tariff challenges. This development presents potential risks for New Zealand's economy, which heavily depends on its trade relationship with China. Additionally, traders are considering weaker-than-anticipated employment figures for August, which have triggered concerns about a potential economic slowdown, even as expectations for Federal Reserve rate cuts gain traction.