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Market Update: New Zealand Shares Trade at 4-Month Highs
The NZX 50 lifted 67.98 points or 0.54% to 12585.99 in early Asian trade on Friday, following declines of 0.4% in the previous session and trading near 4-month highs amid generally positive broader environment. Global bond markets rallied as investors judged the latest jump in US inflation is likely to be transitory, leaving scope for ongoing central-bank support as concerns about a spike in longer term borrowing costs that could destabilize global markets have eased. Local 10-year bond yields fell to 5-week lows of 1.684% while US 10-year rates extended 3-month lows of 1.444 %. In global data, Chinas producer price index rose 9% in May from a year ago, the fastest since September 2008, data released Wednesday showed. Among local data, the BusinessNZ Performance of Manufacturing Index edged higher to 58.6 in May, just 5 points short of a record high hit in March and the second highest result since July of 2020, indicating a sustained recovery in the manufacturing sector. [/s2If]
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