US dive brings down NZ stocks
The S&P/NZX 50 Index fell 51.34 points, or 0.5%, to 11,206.93. Turnover was $113 million.
Stocks had been heading higher for several days as investors stepped in to buy heavily sold companies, but the rally broke last night when Target reported its net profit had halved.
“The relief-rally trapdoor sprung … after Target's earnings results exacerbated some recession fears and continued the theme of rising inventories detailed by Walmart on Tuesday,” said Stephen Innes, managing partner at SPI Asset Management.
CMC Markets analyst Tina Teng said the United Kingdom’s April consumer price data was also sparking concern about the global economy.
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