Global investors grow wary and NZX falls; Z Energy slides further

The S&P/NZX 50 index fell 56.82 points, or 0.6 percent, to 8,778.78. Within the index, 22 stocks fell, 20 gained and eight were unchanged. Turnover was modest at $84.4 million.

Asian markets were generally down in early trading, following a weaker close in the US on Friday. Stocks there gave up some of their gains amid mixed signals from the White House on the prospects of a trade deal with China and a disappointing outlook from Apple Inc.

Peter McIntyre, an investment advisor with Craigs Investment Partners, said the local market is being driven by offshore events.

While there is reasonably good local news flow this week, particularly with the Reserve Bank’s monetary policy statement on Thursday, the end of the earnings season in the US has left investors more focused on political risks – particularly the midterm elections in the US Tuesday.