NZX50 joins ASX lower as Australian inflation shortens odds on RBA hike
New Zealand’s S&P/NZX 50 index joined Australia’s S&P/ASX 200 index lower as accelerating inflation across the Tasman stoked expectations the Reserve Bank of Australia will hike its target cash rate at next week’s policy review.
Interest rate-sensitive companies paced the local decline as the likes of Kiwi Property Group, Goodman Property Trust and Precinct Properties NZ were at the bottom of the leaderboard, while ANZ’s economist team pared back their expectations for the local housing market, sapping retirement village operators such as Summerset Group Holdings and Ryman Healthcare.
Meanwhile, the kiwi dollar held above 60 US cents as President Donald Trump voiced his comfort about the slump in the greenback, given his administration wants a weaker currency to bolster exporters from the world’s biggest economy.
And a2 Milk Co nudged lower after Forsyth Barr’s analysts acknowledged the moving feast of infant formula recalls plaguing food giants Nestle and Danone, saying they think the NZX-listed milk marketer is in the clear from any negative fallout.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
