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International

Asia Week Ahead: Central Bank Decisions; Inflation; and Trade

The week ahead in Asia will be packed with a number of central bank decisions and macroeconomic data, with investors set to track the impact of the Middle East conflict on regional economies.The economic calendar starts quietly on Monday with services activity data from Japan, whole inflation figures from India and New Zealand's services PMI.Activity picks up Tuesday as the Reserve Bank of Australia and Bank of Japan announce policy decisions, while China releases a batch of closely watched activity indicators.Wednesday shifts the focus to trade, with Japan and Singapore due to report May figures.Thursday brings a cluster of central bank decisions from Taiwan, Indonesia and the Philippines, with New Zealand's first-quarter GDP and Thailand's trade data also on deck.Friday rounds out the week with inflation data from Japan and Malaysia, with New Zealand reporting trade numbers.Here's what to watch in the week ahead.MONDAY, June 14The week was off to a relatively light start with a handful of releases from India, New Zealand, and Japan.Japan released its tertiary industry activity index for April, a measure of change in the total value of services provided and consumed by the country's service sector.The index rose a seasonally adjusted 1.3% month on month, reversing from a 0.6% decline in the prior month and recording its first increase in three months.It also beat the Trading Economics forecast of a 0.5% increase.In New Zealand, the BusinessNZ Performance of Services Index fell to 47.5 in May from a downwardly revised 48.7 in April, marking a fourth straight month of contraction in the services sector. Trading Economics said the decline came as the Iran war weighed on business activity.India's annual wholesale price index (WPI)-based inflation rate rose to 9.68% year over year in May. The reading was higher than the consensus forecast of 9.10% tracked by Investing.com and compared with an 8.26% pace recorded in the prior month.Later Monday, India reports unemployment stats for May.TUESDAY, June 16Macro activity picks up Tuesday with central bank decisions scheduled in Australia and Japan, and a slew of monthly data from China.The Reserve Bank of Australia is expected to hold the official cash rate steady at 4.35%, according to a Trading Economics consensus.Economists at National Australia Bank said the latest decision would mark the end of the tightening cycle, with the next move likely down and now expected in the second quarter of 2027.In contrast, the Bank of Japan is forecasted to raise interest rates by 25 basis points to 1%, according to a Trading Economics consensus estimate.Bloomberg reported earlier June that the central bank was considering raising the policy rate amid high uncertainties over the Middle East conflict. Officials were expected to sift through as much data as possible until the last minute before making a final decision, though the decision to raise rates was unlikely to be unanimous, according to the report.China's industrial production and retail sales stats will also be in the news, alongside monthly unemployment and housing price data.Markets will review the figures to gauge how well the country's economy is faring amid the Middle East conflict. According to the Wall Street Journal, the data is likely to indicate overall improvement and economic resilience despite the macro headwinds.Hong Kong will report unemployment data the same day, while trade stats will be in focus in India and South Korea.In New Zealand, markets will await food inflation data which is expected to show "modest increases," according to CommBank.WEDNESDAY, June 17Focus shifts Wednesday to trade data from Singapore and Japan.Japan is expected to record a trade deficit of 564.6 billion yen in May, reversing from a 301.9 billion yen surplus a month earlier, according to a Trading Economics consensus.Wednesday will also bring the Reuters Tankan Index for June, a key gauge of Japanese business confidence, along with monthly machinery orders data.Meanwhile, Singapore's trade surplus is expected to narrow to $7 billion in May from $13.07 billion in April, according to Trading Economics. The city-state is also due to release monthly non-oil export data.A forward-looking report from Westpac capturing consumer confidence in New Zealand is also scheduled for Wednesday.THURSDAY, June 18Central banks across Taiwan, Indonesia and The Philippines will meet for interest rate decisions Thursday.Bank Indonesia will be in focus after it unexpectedly raised interest rates by 25 basis points earlier this month to support the rupiah.While some economists expect the central bank to deliver another 25 basis point hike, ING expects Bank Indonesia to hold rates steady and instead prioritize alternative measures to attract foreign capital inflows and stabilize the currency.The Philippines' central bank, Bangko Sentral ng Pilipinas, is widely expected to raise its benchmark rate by 25 basis points to 4.75% amid persistent inflationary pressure, according to a Trading Economics consensus.Meanwhile, Taiwan's central bank is expected to hold rates steady at 2%. ING said it will be monitoring the Central Bank of the Republic of China's press conference for clues on a possible rate hike in the third quarter.Elsewhere, New Zealand will report its first quarter gross domestic product growth rate. CommBank said it expects quarterly growth to reach 0.8%, shy of the Reserve Bank of New Zealand's 1% forecast.While the economy started 2026 with a decent moment, there will be "pockets of weakness" highlighting that economic recovery was a "bit patchy," CommBank said in a preview.Lastly, Thursday will feature Thailand's trade figures for May.FRIDAY, June 19The week rounds off with closely watched inflation data from Japan.According to ING, May's consumer prices could record a rise of 1.6% year on year, accelerating marginally from 1.4% in April. The subdued increase would reflect government measures, though price pressures are likely to broaden, ING said.Malaysia's headline inflation, also due the same day, is similarly expected to show a marginal rise to 2% year-on-year in May from 1.9% in April due to government fuel subsidies and stable food prices, the Wall Street Journal reported, citing DBS.Malaysia will additionally report monthly trade figures on Friday, while Macao will release monthly inflation data the same day.Trade figures from New Zealand will also feature Friday. According to a Trading Economics consensus, New Zealand's May trade surplus could narrow to NZ$875 million from NZ$1.92 billion a month earlier.South Korea's producer price inflation will also be among the highlights of the day.

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Asia

New Zealand Shares Fall; Meridian Energy Retail Contracted Sales Volumes Rise in May

New Zealand shares ended lower on Monday despite a broad-based rise in Asian shares after a Middle East peace deal was finally confirmed.The S&P/NZX 50 Index fell 0.25%, or 33.28 points, to close at 13,360.59.US and Iranian officials said they had reached a framework agreement to end the conflict, lift the U.S. blockade of Iran, and reopen the Strait of Hormuz, while Iran's nuclear program remains subject to further negotiations, Reuters reported on Sunday."The prospect of a sustained fall in energy prices changes the conversation for central banks just ahead of a flurry of policy decisions," said Sean Callow, a senior FX analyst at ⁠ITC Markets, as quoted by ReutersIn domestic news, New Zealand's services sector contracted further in May as weak consumer demand and rising costs continued to weigh on activity, according to a statement by BusinessNZ.Also, supplier costs for food supermarkets in New Zealand rose in May, marking an increase in the pace of growth after half a year of a slowdown, Infometrics said.Further, New Zealand's electronic card spending rose 2.2% month over month to NZ$9.85 billion in May on a seasonally-adjusted basis, compared with the 1.9% decrease recorded in the previous month, according to data from Stats NZMeanwhile, the volume of national home sales in New Zealand fell 12.6% year over year in May to 6,523, while the median sale price ticked 1.3% higher to NZ$775,000, according to data by the Real Estate Institute of New Zealand.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier.Air New Zealand (NZE:AIR, ASX:AIZ) said Saturday it expects services in and out of Wellington airport to mostly start operating as scheduled on Saturday, June 13, following a fire incident on the night of Friday, June 12.

^NZ50ASX:AIZASX:MEZNZE:AIRNZE:MEL
International

New Zealand Food Supermarkets' Supplier Costs Rise in May With Further Increase Expected, Infometrics Says

Supplier costs for food supermarkets in New Zealand rose in May, marking an increase in the pace of growth after half a year of a slowdown, Infometrics said in a Monday report.The Infometrics-Foodstuffs New Zealand Grocery Supplier Cost Index showed an average increase of 2.2% from a year earlier."May also saw a sharp rise in the number of products increasing in cost, as the early signs of higher input costs due to the Middle East conflict become more apparent," Brad Olsen, Infometrics Chief Executive and Principal Economist, said.Supplier costs rose across all departments in May year-over-year, with notable large cost increases for frozen processed chicken, butter, and milk. Fruit juice, potato chips, coffee, lettuce, and tomatoes in the grocery and produce departments also saw notable cost increases."Only a small number of increases were directly attributed to fuel adjustment factors, with a larger number expected to be recorded in June," he added.Over 3,900 products increased in cost from April month over month, with the 12-month average rising back over 3,000 per month."The number of increasing costs in May was the highest monthly total in a year, reflecting the first increases due to the Middle East conflict flowing through supply chains. The grocery and seafood departments saw the largest number of cost changes compared to the number of changes seen in recent months," Olsen said.

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Asia

NZX Midday Sector Update: Distribution Services Rise, Utilities Decline

Distribution services shares gained the most on New Zealand's Exchange, rising almost 3% by midday Monday.Shares of Vulcan Steel (NZE:VSL, ASX:VSL) rose nearly 3% in recent trade.Meanwhile, the utilities sector shares fell past 1%.Shares of Meridian Energy (NZE:MEL, ASX:MEZ) drove the decline, falling almost 2% in recent trade.The company said on Monday that its retail contracted sales volumes rose to 860 gigawatt hours (GWh) in May from 798 GWh a year earlier.

^NZ50ASX:MEZASX:VSLNZE:MELNZE:VSL
New Zealand's Service Sector Contracts Further in May Amid Weak Spending
US Markets

New Zealand's Service Sector Contracts Further in May Amid Weak Spending

New Zealand's services sector showed further contraction in May as the country continues to see the impacts of higher fuel costs and low spending.The BusinessNZ Performance of Services Index, or PSI, fell to 47.5 in May from 48.7 in April, moving farther away from the 50-point mark which separates contraction and expansion."It is frustrating to see the services struggle, but it is difficult to see how the sector's fortunes will turn around quickly," said BusinessNZ Chief Executive, Katherine Rich.This comes after the BusinessNZ Performance of Manufacturing Index, or PMI, fell into contraction in the same month, also impacted by weakening customer demand and higher fuel prices.The seasonally adjusted BusinessNZ Performance of Composite Index, or PCI, which combines the PMI and PSI, showed widening contraction in both components in May, with the GDP-weighted index falling 0.5 points to 48 and the free-weighted index falling 0.8 points to 48.4.The Reserve Bank of New Zealand and other forecasters are expecting weaker consumption growth this year due to lower purchasing power after filling the car, said ANZ in its ANZ-Roy Morgan NZ Consumer Confidence report on May 29.On the bright side, the US and Iran said on Sunday that they have agreed on a peace framework for a deal ​to end their war and reopen the Strait of Hormuz, a development that has eased Brent crude oil by about 4%.

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International

New Zealand Electronic Card Spending Rises in May

New Zealand's electronic card spending rose 2.2% month over month to NZ$9.85 billion in May on a seasonally-adjusted basis, compared with the 1.9% decrease recorded in the previous month, according to data from Stats NZ on Monday.Retail spending rose 1.7% to NZ$7.11 billion, following a 1.2% decrease in April.Core retail spending, which comprises consumables, durables, hospitality, and apparel, rose 2.2% to NZ$6.38 billion, following a 1.7% decrease in the previous month.Services spending via electronic cards inched up 0.2% to NZ$388 million, compared with 2.6% decrease in the previous month. Excluding services, spending in non-retail industries rose 2.6% to NZ$2.34 billion, following a 3.7% decrease in the previous month.

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Asia

New Zealand House Price Index Shows Steady Overall Trend, ANZ Says

The Real Estate Institute of New Zealand house price index recorded a 0.2% month-on-month increase in May in seasonally adjusted terms, alternating between small increases and falls over the past six months, showing a steady overall trend, ANZ said in a report on Monday.The housing data is a touch stronger than expected and indicates potential upside risk to ANZ's forecast of a 2% price decline over the year, while broader housing market indicators remain weak.Sales volumes fell 2.2% month on month in May, the third monthly fall in a row, indicating that buyers remain cautious.Meanwhile, median days to sell rose to 46 in May from 45 the previous month as buyers consider their options.House prices are expected to remain stagnant in the near future with rising interest rates and a subdued starting point, per the report.

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International

New Zealand Home Sales Fall 12.6% Year Over Year in May as Median Price Ticks Higher, REINZ Says

The volume of national home sales in New Zealand fell 12.6% year over year in May to 6,523, while the median sale price ticked 1.3% higher to NZ$775,000, according to data released Monday by the Real Estate Institute of New Zealand (REINZ).REINZ cautioned that the sales count comparison needs some context, as data for May 2025 followed earlier cuts to the country's official cash rate and relatively stronger market momentum.The national house price index edged down 0.6% annually to 3,585 in May, indicating a softer underlying price trend, albeit with continued strength in some of the country's higher-value and better-performing regions, according to the report."May 2026 points to a housing market that is steadier but still cautious and regionally uneven," REINZ said. "While buyers remain selective, market conditions continue to vary across the country, with some regions in the South Island recording particularly strong results, including new median price records."But the continuation of this trend will depend on several factors, including the central bank's July interest rate decision and the national election, as well as external influences like the Middle East conflict, the institute added.The data also showed property inventory levels in the country rising 5% year over year in May to 36,130. REINZ said a key indicator going forward will be whether sales activity keeps up with new supply as winter progresses.

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International

New Zealand Services Sector Contracts Further in May on Weak Demand

New Zealand's services sector contracted further in May as weak consumer demand and rising costs continued to weigh on activity, according to a statement by BusinessNZ on Monday.The BusinessNZ Performance of Services Index (PSI) fell to 47.5 in May from 48.7 in April. A reading below the 50-point mark points to contraction.Consumer caution continued to weigh heavily on discretionary services in May, with cafes, restaurants, and personal leisure businesses among the weakest as households held back on non-essential spending, said Katherine Rich, BusinessNZ's chief executive.The activity/sales indicator fell to 44.7 in May from 48.5 in April, while the employment measure inched up to 48.6 from 48.5. Stocks/inventories edged down to 47.5 from 47.6, supplier deliveries increased to 49.5 from 46.8, and new orders/business decreased to 47.6 from 50.9.Rising fuel costs and weak demand from low consumer confidence continue to weigh on businesses, with just over two-thirds of respondents reporting negative conditions, unchanged from April, the report said.The PSI has remained in contractionary territory in recent months, reflecting a sector still struggling to regain momentum and move back into expansion, said Doug Steel, BusinessNZ's senior economist.The seasonally adjusted BusinessNZ Performance of Composite Index declined as ongoing weakness in the PSI persisted, with both the manufacturing and services components remaining in contraction.The gross domestic product-weighted and free-weighted indexes both contracted further in May, falling to 48 and 48.4, respectively, from 48.5 and 49.2 in April.

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Asia

New Zealand Shares Rise; Fonterra Co-operative Group Appoints Elisa Giusti Chief Growth, Strategy Officer

New Zealand shares ended higher on Friday as Asian equities rallied on hopes that a Middle East peace deal is finally taking shape.The S&P/NZX 50 Index rose 1.45%, or 191.71 points, to close at 13,393.87.On Thursday, the Nasdaq Composite rose 2.5%, the S&P 500 increased by 1.8%, and the Dow Jones lifted 1.9%.President Donald Trump said Thursday a deal between the United States and Iran could be signed as early as this weekend, potentially reopening the Strait of Hormuz to shipping. However, Tehran said no final decision had been reached, according to a Thursday Reuters report.Investors will also be keeping an eye on SpaceX's initial public offering, which is set to be the biggest market debut yet, after raising $75 billion and gaining a valuation of $1.77 trillion.In domestic news, manufacturing in New Zealand edged lower in May as the sector struggled with weakening customer demand, higher fuel prices, and global uncertainty from the Middle East conflict, BusinessNZ said.Also, property prices in the US and Mexico are more affordable than in New Zealand, according to a FIFA World Cup-inspired comparison published by Trade Me.In corporate news, Fonterra Co-operative Group (NZE:FCG) appointed Elisa Giusti as chief growth and strategy officer, effective June 15.Ebos Group (ASX:EBO, NZE:EBO) unit Pet Care Distributors' proposed deal to acquire Paringa Pet Foods is under a phase one review by the Australian Competition and Consumer Commission (ACCC).

^NZ50ASX:EBONZE:EBONZE:FCG
Asia

NZX Biggest Losers

Here are the NZX-listed companies with the biggest losses on Friday.Manuka Resources (NZE:MKR): -8%, NZ$0.10Black Pearl Group (NZE:BPG): -2%, NZ$0.62The Warehouse Group (NZE:WHS): -2%, NZ$0.62Gentrack Group (NZE:GTK): -2%, NZ$3.75Pacific Edge (NZE:PEB): -2%, NZ$0.30Hallenstein Glasson Holdings (NZE:HLG): -1%, NZ$10.01AFT Pharmaceuticals (NZE:AFT): -1%, NZ$3.88Air New Zealand (NZE:AIR): -1%, NZ$0.41SkyCity Entertainment Group (NZE:SKC): -1%, NZ$0.46PGG Wrightson (NZE:PGW): -1%, NZ$2.08

^NZ50NZE:AFTNZE:AIRNZE:BPGNZE:GTKNZE:HLGNZE:MKRNZE:PEBNZE:PGWNZE:SKCNZE:WHS
Asia

NZX Biggest Gainers

Here are the NZX-listed companies with the biggest gains on Friday.a2 Milk Company (NZE:ATM): +11%, NZ$7.29Santana Minerals (NZE:SMI): +6%, NZ$0.67Scott Technology (NZE:SCT): +3%, NZ$2.82Heartland Group Holdings (NZE:HGH): +3%, NZ$1.23Fletcher Building (NZE:FBU): +3%, NZ$3.19EBOS Group (NZE:EBO): +3%, NZ$21.25Ryman Healthcare (NZE:RYM): +3%, NZ$2.33Spark New Zealand (NZE:SPK): +3%, NZ$1.95Mercury NZ (NZE:MCY): +2%, NZ$6.92Sky Network Television (NZE:SKT): +2%, NZ$3.18

^NZ50NZE:ATMNZE:EBONZE:FBUNZE:HGHNZE:MCYNZE:RYMNZE:SCTNZE:SKTNZE:SMINZE:SPK
Asia

FIFA World Cup Host Nations US, Mexico Have More Affordable Property Prices Than New Zealand, Trade Me Comparison Shows

Property prices in the US and Mexico are more affordable than in New Zealand, according to a FIFA World Cup-inspired comparison published by Trade Me.Compared with New Zealand's average asking price of NZ$855,050, the US is more economical at roughly NZ$634,062, while Canada has comparable prices at NZ$851,000, according to the report.The most striking divergence is with Mexico, where the national average is only NZ$171,000, meaning that a deposit for a typical house in New Zealand could be sufficient for an outright property purchase in Mexico, Trade Me said.In the Canadian market, Toronto and Vancouver are expensive, but venturing beyond these major hubs can provide options that are far cheaper than those in suburban Auckland. In Mexico, prices in the capital city average around NZ$365,000, which is still less than half of the New Zealand average, according to the report.

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Asia

NZX Midday Sector Update: Consumer Non-Durables Soar, Technology Services Decline

The consumer non-durables sector gained the most on New Zealand's Exchange, rising nearly 4% at midday Friday.a2 Milk (ASX:A2M, NZE:ATM) saw the sharpest increase in the sector, gaining almost 8% in recent trade.Meanwhile, the technology services sector declined nearly 3%.Gentrack Group (ASX:GTK, NZE:GTK) was down nearly 3% in recent trade.

^NZ50ASX:A2MASX:GTKNZE:ATMNZE:GTK
New Zealand's Manufacturing Sector Fights On Despite Contraction
US Markets

New Zealand's Manufacturing Sector Fights On Despite Contraction

New Zealand's manufacturing sector is seeing the impact of weakening customer demand and higher fuel prices, but remains above the lows seen a few years ago.Four out of five components that make up the BusinessNZ Performance of Manufacturing Index are still in expansion, even though the index crossed contraction territory to 49.9 in May from 50.4 in April and 52.8 in March.A reading over 50 shows that the sector is expanding, but a number below that points to a contraction.Head of Research Stephen Toplis said that the New Zealand economy can gain back momentum by the end of the year, given a possible resolution to the Middle East conflict, leading to a recovery for manufacturers.BusinessNZ flagged the risk of excess inventories as a wide gap was seen between finished goods stocks and new orders, which it said is "bad news" for future production.According to a Wednesday report by Westpac, the manufacturing sector is expected to increase by 2.8% of gross domestic product in the first quarter. It remains one of the biggest contributors to GDP as the impact of the Middle East conflict is yet to flow through into activity.The Reserve Bank of New Zealand on Tuesday reported that manufacturing operating income fell to NZ$35.7 billion in the March quarter, compared with NZ$36.8 billion in the December 2025 quarter.

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International

New Zealand's Manufacturing Sector Contracts in May, Says BusinessNZ

Manufacturing in New Zealand edged lower in May as the sector struggled with weakening customer demand, higher fuel prices and global uncertainty from the Middle East conflict, BuisnessNZ said Friday.According to the BusinessNZ Performance of Manufacturing Index (PMI), the seasonally adjusted PMI scored 49.9 last month, tracking a slight contraction, down from 50.4 in April and 52.8 in March."We believe the sector is likely to go through a flat patch during winter but, Middle East willing, we still think the broader economy can pick up some momentum at the tail end of this year so there is no reason to believe manufacturing will be an exception," said Stephen Toplis, BNZ Head of Research.PMI sub-indexes indicated mixed business activity, with production, employment and new orders largely flat while finished goods stocks and deliveries showed improvement.The firm also noted that small firms were the most impacted, recording a sub-index reading of 46.0, in contrast to large firms, which performed strongly at a reading of 57.6.

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Asia

New Zealand Shares Fall; Ryman Healthcare Allocates NZ$150 Million in Unsubordinated Bonds After Offer Closes

New Zealand shares ended lower on Thursday as Asian markets saw the impact of a lower Wall Street close.The S&P/NZX 50 Index fell 0.39%, or 51.49 points, to close at 13,202.16.On Wednesday, the Nasdaq Composite fell 1.98%, the Dow Jones declined 1.87%, and the S&P 500 was down 1.62%.In domestic news, New Zealand's national asking prices fell 2.5% in May to NZ$833,800 from April, while easing 0.2% year on year, as price expectations dropped and sentiment softened among both buyers and sellers, according to a Trade Me Property survey.Also, New Zealand's Southland and West Coast housing markets dominate the list of the country's strongest performers, while values remain broadly flat at a national level, said Cotality.In corporate news, Ryman Healthcare (ASX:RYM, NZE:RYM) confirmed that its retail offer for six-year, fixed-rate, secured, unsubordinated bonds closed, and NZ$150 million of bonds were allocated to participants involved in the bookbuild process.Westpac Banking (ASX:WBC, NZE:WBC) issued 13 billion yen in tier two subordinated callable instruments maturing in June 2036.

^NZ50ASX:RYMASX:WBCNZE:RYMNZE:WBC
International

New Zealand Housing Sentiment Weakens as Market Trends Diverge

New Zealand's national asking prices fell 2.5% in May to NZ$833,800 from April, while easing 0.2% year on year, as price expectations dropped and sentiment softened among both buyers and sellers, according to a Trade Me Property survey released on Wednesday.Regional performance continued to diverge from the national trend, with parts of the South Island and smaller regional markets showing stronger price resilience, while Auckland and Wellington remained under sustained downward pressure.Expectations for house price growth over the coming year shifted notably, with the share anticipating price increases falling to 29% in May from 46% in March, while those expecting declines nearly tripled, rising to 16% from 6.5%.Despite weaker expectations, buyer intent improved, with over half of respondents still viewing it as a good time to buy, a 6% rise in those planning a purchase within a year, a slightly larger share of first-home buyers, and a 3% drop in investor activity.Seller activity is ticking up modestly even as confidence weakens, with more respondents preparing to list in the coming months but fewer viewing the current moment as a favorable time to sell.Sellers continue to cite pricing as their primary challenge, with "getting the right price" remaining the key concern, highlighting persistent misalignment between buyer and vendor expectations.

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International

New Zealand's Housing Market Remains Subdued, Buyers Shift Towards Affordable Areas, Says Cotality

New Zealand's Southland and West Coast housing markets dominate the list of the country's strongest performers, while values remain broadly flat at a national level, said Cotality in a Wednesday report.The report said Southland and West Coast account for 21 of the top 25 suburbs where house values have risen by at least 10% over the past year, with Lorneville in Invercargill, Wallacetown in Southland District, Ngahere in Grey District, and Te Anau in Southland District all recording annual growth of more than 14%.The national median value of a standalone house fell 0.1% over the quarter to NZ$834,199, remaining 17% below the peak, while the overall median stands at NZ$808,187, the report added.Auckland still dominates the list of suburbs with the highest median values, including around NZ$3 million in Herne Bay, NZ$2.4 million in Saint Marys Bay, and NZ$2.4 million in Parnell. Auckland suburbs feature prominently among the country's weakest performing areas, it added.Cotality NZ chief property economist Kelvin Davidson said buyers remained in control of pricing negotiations after weaker-than-expected sales activity across the first four to five months of the year, with elevated listings and subdued sales volumes likely to remain key features of the market in the months ahead."The next three to six months are likely to bring more of the same patterns we've seen at a suburb level, with affordability remaining a key driver of demand and property values generally tracking sideways at a national level," Davidson added.

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Asia

NZX Midday Sector Update: Communications Soar, Non-Energy Minerals Struggle

Communications shares gained the most on the New Zealand Exchange, rising almost 2% by midday Thursday.Chorus (ASX:CNU, NZE:CNU) rose nealy 2% in recent trade.On the other hand, non-energy minerals shares dropped nearly 2%.Santana Minerals (NZE:SMI, ASX:SMI) drove the decline, with shares dropping 4%.

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