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Market Update: New Zealand Shares Extend Declines
The NZX 50 fell 111.47 points or 0.9% to 12341.19 on Monday, extending losses of 0.09% in the previous session as investors remained cautious about the risk of a pullback in stimulus amid rising inflation pressures. In the US, Federal Reserve officials Lael Brainard, Raphael Bostic and James Bullard noted that they wouldnt be surprised to see bottlenecks and supply shortages push prices up in coming months as the pandemic recedes, but that much of those gains should be temporary. Meantime, both local and US 10-year bond yields eased to 2-week lows of 1.805% and 1.6% respectively. Among stocks, A2 Milk fell a further 1.71%, Contact Energy fell 2.05%. Meridian was flat at $5.15. In recent data, retail sales rose 2.5% on quarter in the first 3 months of 2021, following a 2.6% decline in the previous period. [/s2If]
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