New Zealand shares drop for third consecutive session, Australia closed

Tourism Holdings

10/06/2024 06:34

* 
      U.S. jobs data came in stronger-than-expected
    

        * 
      Move logistics lost 6.1%
    

        * 
      Tourism Holdings hits near 4-year low
    

  
 (Updates to close)
    By Rajasik  Mukherjee
       June 10 (Reuters) - New Zealand shares declined for a
third consecutive time on Monday, pulled down by banks and
healthcare stocks as U.S. jobs data dealt a further blow to the
already subdued rate-cut bets from the Federal Reserve.
        The benchmark S&P/NZX 50 index  .NZ50  closed down 0.6%
to 11,787.5700. Markets in Australia were closed for a public
holiday.
    Wall Street stocks closed lower on Friday, hurt by
stronger-than-expected U.S. jobs data, with shares in New
Zealand closely following suit.
    Data released by the U.S. labor department revealed that the
economy added around 272,000 jobs in May, exceeding market
expectations.
    "Investor sentiment and institutional fund flows are highly
correlated to changes in US economic data," said investment
advisor Tom McBride, adding that the US jobs data also
"impacted" the market in New Zealand.
    The next Federal Open Market Committee (FMOC) meeting will
be held later this week, from June 11-June 12, in which over 99%
of the market expect them keep its rate unchanged in this week's
meeting, according to the CME FedWatch tool.
    In New Zealand, freight operator Move logistics  MOV.NZ 
lost 6.1% while Tourism Holdings  THL.NZ  shed as much as 6.1%,
marking its lowest level since August 14, 2020.
    Cancer diagnostics firm Pacific Edge  PEB.NZ  dropped 5%,
its worst day since May 21.  
    The Reserve Bank of New Zealand (RBNZ) will hold its next
policy meeting on July 10. 
    "I believe both the RBA (Reserve Bank of Australia) and the
RBNZ will be waiting for the FED to make its first interest rate
move in either direction," said Brad Smoling, managing director
of Smoling Stockbroking. 
    
    

 (Reporting by Rajasik Mukherjee in Bengaluru; Editing by
Nivedita Bhattacharjee)
 ((Rajasik.Mukherjee@thomsonreuters.com))
 
((For more information on DIARIES & DATA:
 U.S. earnings diary   RESF/US   
 Wall Street Week Ahead    .N/O 
 Global Economy Week Ahead  DATA/ 
................................................................
For latest top breaking news across all markets           NEWS1 ))