New Zealand Shares Decline Ahead of US Employment Report

MT Newswires Live
2024-12-06

New Zealand shares declined Friday as nervous investors awaited the latest US nonfarm payroll data, which may help guide the US Federal Reserve in its interest rate decision.

The S&P/NZX 50 Index fell 0.7% or 87.36 points to close at 12,809.59.

Investors became risk-averse ahead of the US nonfarm payroll report, which may have implications on both upcoming interest rate cuts, as well as the economy, Reuters reported.

A strong report may derail further rate cuts, while soft numbers may point to a weakening economy, the report said.

Reuters expects 200,000 jobs in November, with the unemployment rate inching up to 4.2% from 4.1% previously.

Meanwhile, South Korea's opposition Democratic party is on high alert, following multiple reports that another martial law declaration may be in the works, the report added.

In domestic news, the Reserve Bank of New Zealand said that the country's total official reserve assets fell to NZ$38.06 billion in November from NZ$39.57 billion in October.

Foreign currency reserves held by the central bank fell to NZ$22.29 billion from NZ$22.77 billion. The bank's total reserve assets fell to NZ$29.69 billion from NZ$31.22 billion in October.

On the corporate front, Tourism Holdings (NZE:THL, ASX:THL) revamped its executive team and laid off dozens of employees as part of previously announced cost-reduction measures.

The recreational vehicle operator appointed Ollie Farnsworth to the newly combined roles of chief financial officer and chief people and transformation officer, the latter being his current title.

Farnsworth will assume his new position on Jan. 1, 2025. As a result, CFO Cameron Mathewson will step down from his position by the end of the year.

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