NZ shares down as US Fed signals hikes

Thu, 16 Dec 2021

The US Federal Reserve’s signal it would hike interest rates and data showing the local economy shrank 3.7% in the September quarter helped push the NZ sharemarket lower.The S&P/NZX 50 Index fell 91.8 points, or 0.7%, to 12,777. Turnover was $135 million.While both news events are highly negative for equity prices, neither were unexpected and US stocks rallied after the Fed’s announcement – investors thought it could have been even more hawkish.The US central bank will stop buying bonds in March and will likely increase in...

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