New Zealand Shares Rise on Hopes of US Fed Rate Cut; Briscoe Group Chief People Officer to Resign

MT Newswires Live12-02

New Zealand shares ended higher on Tuesday as markets continue to expect a December rate cut by the US Federal Reserve, supported by recent data.

The S&P/NZX 50 Index fell 0.4% or 54.28 points to close at 13,502.77.

Economic clues on Monday kept hopes for a December Fed rate cut alive: manufacturing shrank for a ninth straight month in November, even as consumers surprised forecasters with $23.6 billion in online spending, according to a Tuesday Reuters report.

In domestic news, New Zealand's credit environment is showing fresh momentum heading into the year-end, with falling arrears and rising credit demand highlighting renewed resilience across households and businesses, Centrix Chief Operating Officer Monika Lacey said.

Also, New Zealand's two-way trade increased by 9.4% to NZ$55.7 billion in the September quarter compared with the same quarter last year, Stats NZ data showed.

In corporate news, Briscoe Group (NZE:BGP, ASX:BGP) said that Chief People Officer Aston Moss will resign, effective Friday.

Meanwhile, Kiwi Property Group (NZE:KPG) confirmed that S&P Global Ratings has revised its outlook to "stable" from "negative" while affirming the company's investment-grade credit rating at "BBB/stable."

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