NZ shares join global rout as fears of US recession grow

The main board was a sea of red with 111 stocks declining. (Image: Getty)

Mon, 05 Aug 2024

New Zealand shares joined a global rout as markets across Asia felt the brunt of Friday’s weak US jobs report. The report stoked fears of a recession in the world’s biggest economy and dented exporters exposed to America, such as Fisher & Paykel Healthcare. The S&P/NZX 50 Index dropped 188.55 points, or 1.5%, to 12,264.49, a two-and-a-half week low. The main board was a sea of red, with 111 stocks declining, 44 unchanged and just 24 gaining. Turnover was $172.3 million, more than July’s daily average value of $137...

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