The NZX 50 fell 89 points, or 0.65%, to finish at 13,531 on Wednesday, marking its third straight decline as U.S. stock futures slumped on fears the escalating Middle East conflict could trigger an energy shock, lift inflation, and delay rate cuts. Meanwhile, local media warned that the crisis could spill over into petrol, gas, and foreign trade. In China, New Zealand’s largest trading partner, February’s official PMI showed weakness in manufacturing and services, reflecting the impact of an extended Lunar New Year break and diverging from private survey data that pointed to stronger activity. Still, losses were partly cushioned by Prime Minister Christopher Luxon’s assurance that Wellington will not join the U.S. in the ongoing conflict. Sector declines were broad, led by non-energy minerals, producer manufacturing, and financials. Notable laggards included Scott Technology (-4.4%), Millennium & Copthorne Hotels (-3.6%), Tourism Holdings (-3.1%), and Fletcher Building (-2.8%).
