NZ shares down as US Fed signals hikes

NZ shares down as US Fed signals hikes
Dan Brunskill
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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