NZ shares falter as US economy charges forward
The S&P/NZX 50 Index fell 50.1 points, or 0.4%, to 11,548.30. Turnover was $136 million.
BNZ strategist Nick Smyth said there had been another sell-off of global bonds overnight as the market reacted to US ISM Services index data being stronger than expected.
This prompted investors to predict the US Federal Reserve will hike interest rates by 75 basis points as it attempts to slow down the economy to halt inflation.
Market pricing for a big rate hike faded after weaker employment data was released last Friday but has swung back after the strong services data showed no sign of recession.
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