Logistics stocks led NZ shares marginally lower

The S&P/NZX 50 Index fell 2.5 points, or 0.02%, to 12,700.5. Turnover was light for a second day at $105 million.

The yield on US government bonds continued to fall with the 10-year rate now trading below 1.15% after some soft manufacturing data in America hinting the rate of recovery may be slowing.

Jarden economist John Carran said financial markets have been recalibrating their expectations for future growth.

“This is reflected by falling interest rates on longer-maturity government bonds, which has been driven recently by declining real interest rates,” he said in a note.