01.10.202622:57:38UTC+00New Zealand Stocks Set for Weekly Fall

The NZX 50 slipped 16 points, or 0.1%, to 13,794 in Friday morning trading, extending losses from the previous session as weakness in the real estate, communication services, and technology sectors weighed on the market. Rising oil prices dampened sentiment and stoked concerns about inflation and the prospect of further interest rate hikes, following reports that the US had deployed additional forces to the Middle East. Caution also dominated ahead of key US labour market data due after the local close, with investors looking for fresh signals on the Federal Reserve’s policy stance at its upcoming meeting. Losses were limited, however, by a positive lead from Wall Street overnight, where a pullback in the recent Treasury selloff supported risk assets. On the domestic data front, New Zealand consumer confidence edged lower in September but remained above its April trough. Early decliners included FC Investment (-1.0%), Westpac Banking Corp. (-0.9%), Infratil (-0.9%), and Briscoe Group (-0.7%). For the week, the NZX 50 is on track for a 0.1% decline, which would mark its first weekly loss in three weeks.