02.03.202622:54:52UTC+00New Zealand Stocks Inch Lower

New Zealand shares slipped 20 points, or 0.1%, to 13,637 in early trading on Tuesday, extending losses into a second consecutive session as weakness in consumer durables, energy minerals, and logistics weighed on the market. Sentiment was dampened by escalating tensions in the Middle East, with U.S. President Trump pledging to do “whatever it takes” on Iran as Israel launched fresh airstrikes on Monday.

Investors also remained cautious ahead of PMI releases later this week from China, New Zealand’s largest trading partner, amid worries that the Lunar New Year holiday may have temporarily slowed factory and services activity.

Losses were partly offset by domestic data showing a 1.9% month-on-month rebound in building permits at the start of the year, following a 4.5% decline in December. Auckland International Airport led the decliners, falling 2.7% as geopolitical tensions and related travel disruptions hit sentiment. Other notable laggards included Meridian Energy (-1.8%), Infratil Ltd. (-1.3%), Winton Land (-1.0%), and Property for Industry (-0.8%).