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Trading amid soft New Zealand data pointing to downside CPI risks; miscellaneous shares rose while communications stocks lagged.

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Asia

New Zealand Shares Rise, Santana Minerals to Join VanEck Junior Gold Miners ETF

New Zealand shares ended higher on Thursday as most Asian markets showed gains after the US Federal Reserve delivered its first rate hike in more than three years.The S&P/NZX 50 rose 0.98% or 133.87 points to close at 13,756.59.Overnight, the S&P 500 fell 0.5%, the Dow Jones lost 1.2%, and the Nasdaq Composite was little changed.The US Federal Reserve raised its benchmark lending rate by 25 basis points in a unanimous vote on Wednesday to combat sticky inflation, while signaling that another hike may come later in the year.In domestic news, New Zealand's economy expanded 0.2% in the June quarter, following a 0.9% expansion in the previous quarter, Stats NZ data showed.Also, New Zealand job ads rose 0.6% month on month in August and are 9.7% higher year on year, with applications per job ad rising 0.9% month on month despite the increase in available opportunities, according to a report by Seek.In corporate news, Santana Minerals (ASX:SMI, NZE:SMI) is set to be included in the VanEck Junior Gold Miners ETF, effective at the close of trading on Friday, as part of VanEck's semi-annual index review and rebalance.The Bankers Investment Trust's (NZE:BIT) unaudited net asset value was 1.584 pounds sterling per share as of Tuesday.

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New Zealand Economy Shows Resilience Amid Middle East Conflict
US Markets

New Zealand Economy Shows Resilience Amid Middle East Conflict

The New Zealand economy showed expansion in the June quarter despite the Middle East conflict and continued pressure on global oil prices.New Zealand's economy expanded 0.2% in the June quarter, following a 0.9% expansion in the previous quarter, with the GDP per capita rising 0.1%.Nine out of 16 industries recorded higher economic activity in the June quarter, with construction leading gross domestic product growth at 2.7% while transport, postal, and warehousing were the largest negative contributors, declining 1.7%.The expenditure measure of GDP rose 0.4% in the June quarter, following a 1.1% increase in the previous quarter, as export volumes rose 3.3% while import volumes fell 0.8%.Westpac, which also expected 0.2% quarterly growth, said the data was a little softer in the details than expected, as the non-additive balancing item and agriculture, transport and administrative services showed lower growth than anticipated.ANZ, which expected a 0.1% quarterly rise, said that data suggests that the economy has grown at a "reasonable pace" in the months following June, but recovery will likely be "patchy" due to ongoing offshore volatility.The financial services firm expects the Reserve Bank of New Zealand to hike interest rates by 25 basis points in October as it believes that global developments since the September meeting suggest that a sooner hike would be more prudent.

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International

New Zealand Job Ads Rise 0.6% in August, Up 9.7% Annually, Says Seek

New Zealand job ads rose 0.6% month on month in August and are 9.7% higher year on year, with applications per job ad rising 0.9% month on month despite the increase in available opportunities, according to a Thursday report by Seek.The report said 4% of job ads reference artificial intelligence skills, with mentions rising 4.4% month on month and over 93% year-on-year, while job ads with high-automation exposure are now 0.1% lower year on year as those with medium or low exposure continue to rise.Several regions are recording double-digit annual growth, including West Coast at about 25%, Otago at roughly 19%, and Canterbury at nearly 16%, while Manawatū, Hawke's Bay, Northland, and Taranaki were the only regions where job ads declined month-on-month, the report added.The consumer services sector also grew significantly, led by hospitality and tourism at 3.4% and retail and consumer products at 3.3%, per the report.Seek NZ country manager Rob Clark said Auckland enjoyed exceptional monthly growth in August, growing at its fastest pace in over four years, driven by increasing demand for manufacturing, transport, tourism, and hospitality workers.

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International

New Zealand Economy Grows by 0.2% in June Quarter, Consistent With Westpac Forecast

The New Zealand economy grew by 0.2% in the June quarter, in line with forecasts, showing that it has managed to maintain stability during the Middle East conflict, though it has suffered some impact, Westpac NZ said in a statement on Thursday.The economy saw a 2.6% year-on-year growth, surpassing Westpac's 2.4% estimate.The largest contribution came from construction, which was up 2.7%, with further help from manufacturing, wholesaling, and information and telecommunications, Westpac NZ senior economist Michael Gordon said.Transport and hospitality recorded the main declines, likely due to the surge in fuel prices.June quarter results were a little weaker in the details than expected, as the non-additive balancing item knocked around 0.2 percentage points off growth, below the forecast of 0.3 percentage points, Gordon added.There were also softer-than-expected results in agriculture, transport and administrative services, but surprisingly large gains in healthcare and central government administration.

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Asia

NZX Midday Sector Update: Utilities Rise, Consumer Health Services Decline

Utilities shares gained the most on New Zealand's Exchange, rising almost 2% by midday Wednesday.Shares of Meridian Energy (NZE:MEL, ASX:MEZ) were up past 2% in recent trade.Meanwhile, the consumer health services sector declined nearly 1%.Ryman Healthcare (NZE:RYM) was down past 1% in recent trade.

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International

New Zealand Economy More Resilient than Feared in June Quarter, ANZ Says

New Zealand's economy was more resilient than feared even as the gross domestic product (GDP) growth slowed down to 0.2% on a sequential basis in the June quarter, compared with the average growth of 0.8% over the prior three quarters, ANZ said in a Thursday note.The bank had forecast of 0.1% quarter-over-quarter growth, while the New Zealand central bank had forecast zero growth. Upward revisions to data from the previous quarters took annual GDP growth to 2.6%, above the lender's forecast of 2.2%. The revisions were mainly due to higher estimates of construction activity.The expenditure GDP measure expanded by 0.4% on a quarterly basis and 3% on an annual basis.Many parts of the country's economy continued to grow despite higher fuel prices impacting sectors such as hospitality and transportation. This included a rise in construction activity from low levels and growth across a range of business-facing and government-led services industries. However, the recovery is likely to remain patchy in the face of ongoing global volatility as well as the recent rise in oil prices.

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International

New Zealand Economy Expands 0.2% in June Quarter

New Zealand's economy expanded 0.2% in the June quarter, following a 0.9% expansion in the previous quarter, Stats NZ data showed Thursday.The consensus forecast is for an expansion of 0.1%, according to Trading Economics.Nine out of 16 industries recorded higher economic activity in the June quarter, with construction leading gross domestic product (GDP) growth at 2.7%, followed by public administration and safety, according to Stats NZ."An increase in residential building activity contributed to the overall growth in the construction industry in the June quarter," general manager and macroeconomic spokesperson Jason Attewell said.Transport, postal, and warehousing was the largest negative contributor to GDP in the June quarter, declining 1.7%, followed by retail trade and accommodation, which fell 1%.GDP per capita rose 0.1% in the June quarter.The expenditure measure of GDP rose 0.4% in the June quarter, following a 1.1% increase in the previous quarter, as export volumes rose 3.3% while import volumes fell 0.8%.Gross fixed capital formation rose 1.5% in the June quarter, driven by a 4.4% increase in spending on residential building work, which was reflected in higher construction activity over the period.In the year ended June, GDP rose 1.7% compared with the year-earlier period.

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Asia Markets

New Zealand Shares Rise, Seeka Raises 2026 Profit Before Tax Guidance

New Zealand shares ended higher on Wednesday amid a broad-based rise in Asian shares despite a sell-off in Wall Street shares on Tuesday.The S&P/NZX 50 rose 1.03% or 138.50 points to close at 13,622.72.Overnight, the S&P 500 fell 0.5%, the Dow Jones lost 0.6%, and the Nasdaq Composite ended 0.8% lower."US equity markets closed lower overnight as rising Treasury yields, another jump in crude and the polarised debate around pacing AI development left the market ​in a cautious mood," said Tony Sycamore, market analyst at IG in Sydney, as quoted by Reuters.In domestic news, New Zealand's Parliament passed legislation for a free trade agreement with India by a 93-29 vote, Trade and Investment Minister Todd McClay said in a statement.Also, the Reserve Bank of New Zealand's (RBNZ) Assistant Governor for Money, Karen Silk, will step down in December after more than four years with the central bank, according to a statement.Further, New Zealand recorded a seasonally adjusted current account deficit of NZ$3.8 billion in the June quarter, narrowing by NZ$666 million from the previous quarter, according to data released by Stats NZ.Meanwhile, a total of 42,444 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held on Tuesday, with supply ranging from 38,570 to 45,568 MT, according to data from the trading platform.In corporate news, Seeka (NZE:SEK) raised its 2026 profit before tax guidance to between NZ$41 million and NZ$45 million from a previous range of NZ$39 million to NZ$43 million.Infratil (ASX:IFT, NZE:IFT) increased its fiscal 2027 proportionate operational earnings before interest, tax, depreciation, amortization, and fair value adjustments (EBITDAF) guidance to between NZ$1.32 billion and NZ$1.42 billion from a prior range of NZ$1.3 billion to NZ$1.4 billion after CDC Data Centres' increase in its EBITDAF guidance.

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International

New Zealand Parliament Approves India Free Trade Agreement

New Zealand's Parliament passed legislation for a free trade agreement with India by a 93-29 vote, Trade and Investment Minister Todd McClay said in a statement on Wednesday.The agreement will make 57% of New Zealand's exports to India duty-free from day one, with tariffs eliminated or significantly reduced on 95% of exports once fully implemented.The FTA is expected to enter into force this year after both countries complete their respective ratification procedures, the statement said.

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Japan

NZX Midday Sector Update: Health Technology Rises, Communications Fall

Health technology stocks gained the most on New Zealand's Exchange, rising past 1% by midday Wednesday.Fisher & Paykel Healthcare (NZE:FPH, ASX:FPH) shares climbed 2% in recent trade.Meanwhile, the communications sector shares fell almost 1%.Spark New Zealand (NZE:SPK, ASX:SPK) was down nearly 1% in recent trade.

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International

Further Widening of New Zealand's Current Account Deficit to Be Expected in the Wake of Higher Costs for Imported Energy, Other Products, Westpac Says

Further widening of New Zealand's current account deficit can be expected in coming quarters as the full impact of higher costs for imported energy and related products feeds into the data, Westpac said in a Wednesday report.New Zealand recorded a seasonally adjusted current account deficit of NZ$3.8 billion in the June quarter, narrowing NZ$666 million from the previous quarter. The current account deficit widened to 3.2% of GDP in the year to June, in line with expectations.For the second year in a row, the release of balance of payments data for the June quarter contained historical revisions to estimates of the current account deficit. The deficit for the year to March is now estimated at 3% of the gross domestic product (GDP), rather than the 3.6% of GDP deficit that was estimated previously.The key revisions concerned primary income flows, with new estimates pointing to higher returns earned on New Zealand's investment abroad and lower returns paid on foreign investments in New Zealand.The revisions have no implications for the bank's estimate of June quarter GDP growth, which remains 0.2%.New Zealand's international investment position improved in the June quarter, reflecting favorable changes to offshore asset valuations, falling to NZ$178.3 billion, or 39% of GDP, from NZ$191.7 billion, or 42.5% of GDP, in the March quarter. The liability is mostly related to debt, with net external debt reaching 49.4% of GDP in the June quarter.

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Asia

Reserve Bank of New Zealand Assistant Governor Karen Silk to Step Down

The Reserve Bank of New Zealand's (RBNZ) Assistant Governor for Money, Karen Silk, will step down in December after more than four years with the central bank, according to a Wednesday statement.Silk will remain in her role until mid-December and will participate in the last monetary policy decision of the year, the central bank said.The RBNZ will establish two more assistant governor roles, including one for monetary policy and another for payments and cash, to boost its leadership capacity. Recruitment for both roles will begin shortly with the help of an executive search firm.

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International

New Zealand's Current Account Deficit Narrows in June Quarter

New Zealand recorded a seasonally adjusted current account deficit of NZ$3.8 billion in the June quarter, narrowing by NZ$666 million from the previous quarter, according to data released Wednesday by Stats NZ.The result was driven by a NZ$712 million narrowing in the primary income deficit to NZ$2.3 billion, representing the difference between the income New Zealand earns from its overseas investments and the outflow of income from foreign investment in the country.The seasonally adjusted goods deficit was NZ$1.5 billion in the June quarter, following a deficit of NZ$1.1 billion in the March quarter. Goods imports increased by NZ$1.8 billion, or 8.2%, to NZ$24.1 billion, with higher prices for diesel, petrol, and jet fuel contributing to the increase in the value of petroleum imports.Meanwhile, the seasonally adjusted services balance shifted to a surplus of NZ$183 million, compared with a deficit of NZ$117 million in the March quarter, as services exports increased by NZ$193 million to NZ$9.4 billion and services imports fell by NZ$107 million to NZ$9.2 billion, the data showed.The country's annual current account deficit hit NZ$14.6 billion, or 3.2% of gross domestic product, in the year ended June 30. That compares with a NZ$13.7 billion deficit, or 3% of GDP, in the year ended March 31, and a NZ$15.8 billion deficit, or 3.6% of GDP, in the year ended June 2025.

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International

Westpac-McDermott Miller Consumer Confidence Index Rise in September Quarter

New Zealand consumer confidence rose 9.1 points in the September quarter to 89.5 from 80.4 in the previous quarter, marking a sizeable rebound from a three-year low earlier in the year, although sentiment remains well below its long-run average, according to the Westpac-McDermott Miller Consumer Confidence index released Wednesday.There is increased concern about the outlook for the economy, with a level below 100 indicating that a greater number of households are pessimistic about economic conditions compared with those who are optimistic.The present conditions index rose to 78.7 from 73.5, while the expected conditions index increased to 96.6 from 85, the report said.Households remain under significant financial pressure, with most reporting a deterioration in their finances over the past year and expecting economic conditions to remain sluggish through 2027.Rising fuel and living costs, a soft labor market, and higher mortgage rates following recent Reserve Bank of New Zealand interest-rate hikes are continuing to weigh on household finances, with renewed increases in global fuel prices posing further risks.Households are tightening their budgets as higher living costs, interest rates and oil prices lead them to cut back on dining out, entertainment, major purchases, groceries and driving.Confidence has improved across nearly all regions, supported in part by lower fuel prices boosting household spending power, although Taranaki and Manawatu Whanganui remained an exception, with confidence largely unchanged and at a low level.Rural-focused regions continue to outperform Auckland and Wellington, while the lower South Island is benefiting from firmer labor market conditions despite mixed economic conditions across the central and lower North Island.

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International

Quantity Sold at GDT Auction Exceeds 42,000 Metric Tonnes

A total of 42,444 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) auction held on Tuesday, with supply ranging from 38,570 to 45,568 MT, according to data from the trading platform.The average selling price for whole milk powder was $3,565 per MT, anhydrous milk fat averaged $5,739 per MT, and mozzarella and butter averaged at $3,992 per MT and $4,760 per MT, respectively.Additionally, cheddar prices averaged $4,075 per MT, lactose averaged $1,794 per MT, and skim milk powder and butter milk powder averaged at $3,689 per MT and $4,549 per MT, respectively.

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Asia

New Zealand Shares Fall, Meridian Energy Retail Contracted Sales Volumes Fall in August

New Zealand shares fell on Tuesday's close as Asian markets saw a broad-based decline after Monday's lower Wall Street close and continued geopolitical tensions.The S&P/NZX 50 fell 0.56% or 76.47 points to close at 13,484.22.Overnight, the S&P 500 fell 0.5%, the Dow Jones lost 0.3%, and the Nasdaq Composite ended 0.6% lower.Yemen's Iran-backed Houthis launched fresh strikes on Saudi Arabia and consolidated their hold on positions along Yemen's western Red Sea coast, according to a Monday Reuters report, citing Yemen officials.In domestic news, the national median sale price in New Zealand's housing market fell 1.3% year over year in August to NZ$750,000 as the sales count declined 13% to 5,430, according to a Real Estate Institute of New Zealand (REINZ) property report.Also, New Zealand's electronic card spending fell 0.5% month over month to NZ$9.75 billion in August on a seasonally adjusted basis, compared with the 0.9% increase recorded in the previous month, according to data from Stats NZ.Further, there is a lack of momentum in household spending in New Zealand, with a jump in living costs and a soft labor market affecting discretionary spending, Westpac said in a note.In corporate news, Meridian Energy's (ASX:MEZ, NZE:MEL) retail contracted sales volumes fell to 870 gigawatt hours (GWh) in August from 913 GWh a year earlier.Auckland International Airport (ASX:AIA, NZE:AIA) recorded 1.5 million total passenger movements in August, down 3% year on year.

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International

Lack of Momentum in Household Spending in New Zealand, Westpac Says

There is a lack of momentum in household spending in New Zealand, with a jump in living costs and a soft labor market affecting discretionary spending, Westpac said in a note on Tuesday.New Zealand's retail spending fell 0.9% to NZ$7.02 billion, following a 1.2% increase in July, a larger decline than the 0.2% drop the bank had forecasted.There was a pickup in fuel spending over August as prices at the pump went back above NZ$3 per liter. However, spending was down in all other categories, with grocery spending down 0.4%, spending on household durables like furnishings down 1.6%, and hospitality spending down 1.7%.The longer-term trend over the past few years shows spending levels essentially moving sideways since 2023, despite increases in both the population and consumer prices.Spending growth is likely to pick up next year as inflation eventually eases and the jobs market improves. However, the recovery is expected to be gradual in the short term.

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New Zealand Home Sales Slow, Prices Fall in August
US Markets

New Zealand Home Sales Slow, Prices Fall in August

New Zealand's house prices and sales fell in August, with houses taking longer to sell, making it the sixth-lowest August in 35 years of records, according to the Real Estate Institute of New Zealand.The national median sale price fell 1.3% year over year in August to NZ$750,000 as the sales count declined 13% to 5,430, while inventory levels jumped 9.7% to 32,908 units, with Auckland and Wellington now having seen 31 straight months of year-on-year inventory growth.Also, new listings fell 5.1% to 8,326, and properties took 51 days to sell, up 3 days from a year ago.Despite the broad decline, five out of 16 regions recorded positive year-on-year median price movements, with Southland and Tasman being the strongest performers, rising 7.4% and 5.6% in median prices respectively.REINZ noted that fixed mortgage rates moving higher, an unchanged official cash rate, along with household costs, job security, and global uncertainty were the key influences in the August housing market."Our members tell us they generally expect conditions to remain broadly steady over the coming months, with improving enquiry levels in some areas supporting cautious optimism," said REINZ Chief Executive Lizzy Ryley.ANZ said that the August data is consistent with its estimate that the housing market will remain soft over the coming months, and prices will end the year slightly lower than the start.

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Japan

NZX Midday Sector Update: Commercial Services Advance, Industrial Services Decline

Commercial services shares gained the most on the New Zealand Exchange, rising nearly 2% by midday Tuesday.PGG Wrightson (NZE:PGW) gained almost 4% in recent trade.Meanwhile, the energy minerals sector fell 3%.Channel Infrastructure (NZE:CHI, ASX:CHI) shares fell 3% in recent trade.

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International

New Zealand Housing Data Reinforces Expectation for Soft Market Over Coming Months, ANZ Says

The latest New Zealand housing data is consistent with ANZ's expectation that the market will remain soft over the coming months, with prices likely to end 2026 slightly lower than at the start of the year, the bank said in a Tuesday report.A property report from the Real Estate Institute of New Zealand (REINZ) earlier the same day showed the national median home sale price in New Zealand falling 1.3% year over year in August to NZ$750,000 and the sales count declining 13% to 5,430."Buyers appear to be stepping back in the face of higher interest rates and election and broader uncertainty," ANZ said.Properties took a median of 51 days to sell in August, three days longer than in the same month a year earlier, in a "further sign that the market balance favors buyers, and increasingly so," the bank added.House prices have been edging lower in Auckland over the past few months, declining sharply in Wellington, and are close to flat in other regions of the country. However, there are still some signs of mild outperformance in the South Island, ANZ said.

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