New Zealand stock market slumps

WELLINGTON, Aug. 5 (Xinhua) — New Zealand’s benchmark S&P/NZX 50 index on Monday saw the biggest one-day fall since February 2023 by slumping 1.5 percent to close at 12,264 points.
Contributing factors included the prospect of a U.S. economic recession following weak jobs data, the uncertainty surrounding Australia central bank’s interest rate decision, as well as the potential rise of New Zealand’s quarterly unemployment rate.
Banks led Monday’s market downturn, with major New Zealand banks seeing sharp losses. Notable declines were also seen from Fisher & Paykel, down 3 percent, Auckland International Airport, down 1.7 percent, among others. ■