NZ shares sink as investors watch for inflation

The S&P/NZX 50 Index fell 89.28 points, or 0.7 percent, to 12,678.55. Within the index, 34 stocks fell, 14 rose, and two were unchanged. Turnover was $168.5 million.

This decline tracks a similar one on Wall Street overnight with the S&P 500 dropping half a percent and the Nasdaq down 1%.

US markets have been sitting at record highs, but investors have taken some risk off the table ahead of a highly anticipated earnings season.

NZ’s market has been less buoyant, is still down 2.5% year to date, and fell at midday when Australia’s stock exchange opened weaker.