New Zealand Equities Steady Ahead of Food Inflation Data

New Zealand stocks saw minimal changes in early trading on Wednesday, hovering around 12,710 following a subdued close in the previous session. The increase in industrial services and logistics almost balanced out the losses in energy minerals and consumer sectors. Investors analyzed data from China, New Zealand's primary trading partner, which revealed Q2 GDP growth slightly exceeding expectations, albeit at the slowest pace in three quarters due to the impact of escalating U.S. tariffs. Meanwhile, U.S. futures dropped significantly after declines in the Dow and Nasdaq on Tuesday, triggered by higher-than-anticipated June inflation, reigniting concerns about increased import tariffs. Traders were cautiously anticipating New Zealand's June food inflation figures scheduled for release on Thursday, following May's 4.4% reading, the highest level in 18 months. Notable early gainers included Infratil (3.9%), Seeka (2.3%), T&G Global (1.5%), and Scott Tech. (1.0%), while Tourism Holdings (-4.6%), Millennium & Copthorne Hotels (-4.4%), and Channel Infrastructure (-1.8%) experienced the most significant losses.