Kiwi shares fell Monday along with Asian equities as the US' better-than-expected jobs report dampened hopes for rate cuts.

The S&P/NZX 50 Index fell 0.5%, or 68.65 points, to close at 12,827.33.

Asian shares were also in the red, with the Shanghai SSE down 0.5%, Japan's Nikkei 225 losing 1%, and Hong Kong's Hang Seng dropping 1.4%.

Last Jan. 10, US benchmark equity indexes retreated, with the Dow Jones Industrial Average and the Nasdaq Composite down 1.6% each, while the S&P 500 fell 1.5%. The declines came after data showed that total US nonfarm payrolls rose by 256,000 in December 2024, higher than the market consensus of 165,000.

The surprise upbeat data further weighed on markets' hopes for near-term rate cuts.

"Yet another upside surprise on US jobs numbers will intensify the belief that Federal Reserve officials are under no pressure to cut interest rates in the near term," economic analysts at ING wrote in a Jan. 10 note.

"We will get the benchmark jobs revisions next month, which could change the story, but in an environment of sticky inflation the risks are increasingly skewed towards an extended pause from the Fed."

In domestic news, New Zealand's seasonally adjusted filled jobs across all industries inched 0.3% higher to nearly 2.4 million in November 2024, following a 0.2% decline in the prior month, according to Stats NZ.

The number of new homes consented rose 4.8% year on year to 3,100 in November due to higher approved multi-unit homes, Stats NZ said in a separate report.

Total new lending rose to NZ$13.59 billion in November from NZ$12.06 billion in the prior month, data from the Reserve Bank of New Zealand (RBNZ) showed Monday.

The consumer price index slowed to 2.2% on an annual basis in the three months to September following a 3.3% year-on-year rise in the prior quarter, RBNZ said separately.

In corporate news, Pacific Edge (NZE:PEB, ASX:PEB) hit an all-time low on Monday after receiving confirmation that its flagship Cxbladder test would no longer be covered by a US Medicare contractor. If not challenged, the finalized decision would become effective 45 days from the date of publishing, which means reimbursement of Pacific Edge's Cxbladder tests would end on Feb. 23.

The cancer diagnostic test company's shares plunged 55% at market close.