NZ shares drop 1.2% after US inflation shock sends global markets tumbling

The kiwi dropped almost 3%, plunging from 61.59 US cents to 59.88 cents after the inflation data was released. (Image: BusinessDesk)

Dan Brunskill

Wed, 14 Sep 2022

The S&P/NZX 50 Index dropped more than 1% when the market opened on Wednesday morning, as it followed global equities lower. US share markets tumbled overnight after data in the United States showed inflation was worsening over the month of August, contrary to market expectations. The annual rate of inflation was lower than the 8.5% reported in July, but not as low as investors had expected. Consumer prices increased 0.1% in August from July and core inflation – which excludes food and energy prices – rose at a 0.6% mo...

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