NZ shares tread water ahead of US jobs report
The S&P/NZX 50 Index fell 10.07 points, or 0.1%, to 12,429.98. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Turnover was $170.1 million.
Nick Smyth, an interest strategist at BNZ, said markets were trading sideways in the US overnight with investors looking towards the US nonfarm payrolls data for clues about inflation.
“It’s possible the nonfarm payrolls report on Friday night could shake things up, with the Fed clearly looking for labour market improvement as a precondition for a formal discussion around tapering”, he said in the note.
The May jobs report is expected to show an increase in hiring with the consensus that roughly 600,000 jobs were added to the US economy and the unemployment rate fell back to 5.9%.
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