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New Zealand's Total Building Volume Falls in March Quarter
New Zealand's seasonally adjusted total building volume fell 3.5% in the March quarter compared with the December 2025 quarter, Thursday's data from Stats NZ showed.Residential building volume fell 2.2%, while non-residential volume declined 4%.Meanwhile, excluding cost changes or seasonal effects, the actual value of building work fell 5.9% year-on-year to NZ$7.2 billion in the March quarter.Residential building work declined 2.5% to NZ$4.6 billion, while non-residential work fell 11% to NZ$2.6 billion. The actual value of total building work declined across most regions, led by a 5.2% drop in Auckland to NZ$2.8 billion.
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International
US Equity Indexes Fall, Crude Oil Rises as Stalled Peace Talks Push Out Hormuz Reopening Timeline
US equity indexes fell as higher crude oil helped push government bond yields higher after the stalled Iran peace talks extended the timeline for the reopening of the Strait of Hormuz.The Dow Jones Industrial Average dropped 1.2% to 50,687.07, with the Nasdaq Composite down 0.9% to 26,853.98 and the S&P 500 lower by 0.7% to 7,553.68. Technology, financials, and consumer discretionary led the decliners, while energy was the top gainer at the close.No progress has been made in peace negotiations, Al Jazeera cited Iran's Foreign Minister Abbas Araghchi as saying, referring to talks between Tehran and Washington. However, the contact with the United States has not been cut off, Araghchi reportedly said.The US and Iran exchanged heavy fire on Tuesday evening, setting off attacks by both sides that included strikes on US bases in Kuwait and Bahrain, The Wall Street Journal reported. A barrage of ballistic missiles and drones on Wednesday shut Kuwait's international airport. Iran's retaliatory strikes "should serve as a lesson" for the US, Al Jazeera cited the Revolutionary Guards.President Donald Trump said he was "a little bit perturbed" that Israel's fighting of Hezbollah in Lebanon was holding back peace talks with Iran, according to the Associated Press.Meanwhile, the House is preparing to vote on Wednesday on whether to halt the US military action against Iran as a handful of Republicans signaled they are ready to join Democrats to end the war, the Associated Press reported. House Speaker Mike Johnson shut down floor action two weeks ago when the war powers resolution was on the verge of approval, the news report said.Separately, US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, fell 8.0 million barrels in the week ended May 29 after a 3.3-million-barrel decline in the previous week, versus the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.Brent crude futures marched 1.8% higher to $97.76, and West Texas Intermediate crude oil futures added 2.5% to $96.09.Most US Treasury yields rose amid an escalation of the conflict in the Middle East, abetting inflation concerns. The 10-year jumped four basis points to 4.50%, and the two-year advanced 3.1 basis points to 4.08%.In precious metals, gold futures slid 1.3% to $4,461.80, and silver futures fell 3.4% to $72.99, reflecting the challenge that the Federal Reserve faces in tackling supply-side price pressures.In economic news, ADP's monthly measure of private payrolls showed a 122,000 increase in May from a revised 105,000 expansion in the previous month, above expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US services index rose to 54.5 in May from 53.6 in April, compared with expectations for 53.8 in a survey compiled by Bloomberg. The S&P Global US services index was revised downward to 50.7 in May from the 50.9 flash reading, compared with expectations for an upward revision to 51.0 in a Bloomberg-compiled survey.The Organization for Economic Co-operation and Development continues to expect US economic growth at 2% this year, though it raised the estimate for next year to 1.8% from 1.7%.In company news, Macy's (M) raised its full-year outlook as fiscal Q1 earnings increased year over year and beat analysts' expectations.
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International
TSX Closer: Index Falls From a Record Close; Rosenberg Research Lifts Exposure to Gold and Gold Miners
The Toronto Stock Exchange fell from a record close Wednesday on profit taking, but also as Canadian investors come to terms with the fact the country is in a 'technical' recession just as the United States ramps us its demands with trade talks involving the two nations set to resume soon.The S&PTSX Composite Index closed down 367.92 points, or 1.05%, to 34,801.54, with most sectors lower, led by Info Tech, down near 3.5%. The Battery Metals Index led gainers, up by near 3%.Energy also rose, up by 1.2% as West Texas Intermediate crude oil rose for a third day with the ceasefire between Iran and the United States appearing to fracture after the two sides exchanged strikes, lowering hopes for a deal to end the war and reopen the Strait of Hormuz. WTI oil for July delivery closed up US$2.26 to settle at US$96.02 per barrel, while August Brent oil was up US$1.88 to US$97.88.But Base Metals lost 3.2%, not helped by gold trading lower as the dollar rose to a two-month high after oil prices rose following fresh hostilities between the U.S. and Iran, renewing worries energy inflation will force central banks to lift interest rates. Gold for July delivery was down US$53.80 to US$4,466.10 an ounce.Still, Rosenberg Research has increased its exposure to gold exchange-traded (GLD) and gold miners (GDX). "We made several adjustments to the Rosie Model Portfolio to put into action some of the constructive themes we have been writing about recently, while also taking profits and rebalancing some of our strongest performers." it said on Wednesday.Rosenberg Research continues to see structural support for gold prices. Which, it said, should support the profit outlook for gold miners. After a period of weak, range-bound performance driven by war-related market conditions, Rosenberg Research sees this as a good point to rebuild exposure. Following the adjustment, gold (GLD) has a 5.7% weight in the portfolio, while gold miners (GLDX) have a 5.8% weight, it noted.On the economics front, Canada's economy shrank in the last two quarters, which meets the definition of a 'technical recession'. But some economists say that label is misleading, while others argue that the distinction doesn't really matter, CTV News is reporting. "Technically, we are in a recession," Colin Mang, assistant professor of economics at McMaster University, told CTV News Channel on Tuesday. "We've had two quarters where overall spending in the economy dropped, but to put things into context, the decline from the fourth quarter of 2025 to the first quarter of 2026 was only about $1 million. That represents 0.03% of our total $3.2 trillion economy."CTV noted Mang's comments came after Statistics Canada released its latest gross domestic product (GDP) data on Friday, which found that the slight first-quarter GDP drop followed a dip of 1% in the fourth quarter of last year, a number StatCan revised down. According to StatCan, the Canadian economy has seen negative real GDP growth in three of the last four quarters.On top of that, Canada is already on the back foot ahead of trade talks with the United States resuming. Prime Minister Mark Carney said Wednesday his Liberal government will soon introduce legislation on forced labor in supply chains after the Trump administration proposed a 10% additional tariff on Canada and other countries following an investigation into the issue.Trade discussions between the two countries. will continue ahead of the July 1 CUSMA review deadline, but they are likely to extend beyond that date as the nations work through unresolved trade issues and tariff disputes.
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