New Zealand Shares fell Wednesday as Wall Street investors' sentiment dampened amid a jump in US bond yields and concerns about inflation.

The S7P/NZX 50 Index fell 0.59% or 74.87 points to close at 12,674.49.

Oil prices also hovered near a two-week low as concerns over global demand persisted. Demand was cut as China fell short of the amount needed to boost economic growth and on uncertainties surrounding Trump's foreign policy decisions, Reuters reported.

In macroeconomic data, New Zealand's new home loans rose 5.7% to NZ$6.55 billion in September from NZ$6.19 billion in August and jumped past 26% from NZ$5.19 billion in the same month last year, according to a Wednesday report by the Reserve Bank of New Zealand.

In company news, Goodman Property Trust (NZE:GMT) reported revenue of NZ$134.8 million in the fiscal first half ended Sept.30, up 13% from NZ$ 119.5 million in the same period a year earlier. Company shares fell almost 1% at the market close.

Mainfreight (NZE:MFT) reported a net profit of NZ$114.6 million in the six months ended Sept.30, down from NZ$124.6 million in the same period a year earlier.

Contact Energy (ASX:CEN, NZE:CEN) saw contracted wholesale electricity sales, including those sold to the customer business, sliding to 699 gigawatt hours (GWh) in October from 742 GWh the previous year.