New Zealand’s benchmark S&P/NZX 50 index fell 0.3% to 13,449 on Monday, giving back last week’s gains, pressured by heavy losses in financials amid expectations of an end to monetary policy easing. Last week, the Reserve Bank cut its cash rate by 25bps to 2.25%, the lowest since June 2022, but projections imply just a 20% chance of another cut next year. Traders are now watching closely as RBNZ Governor Anna Breman appears before Parliament this week for clues on the policy outlook. Westpac Banking dropped 1.8%, with peers ANZ (-0.9%), Precinct Properties (-1.6%), and Property for Industry (-1.2%) also down. Other laggards included Sanford (-4.3%), A2 Milk (-3.1%), Turners Automotive (-2.4%), Contact Energy (-1.9%), and Gentrack (-1.9%). On the data front, October building permits fell, while China’s official PMI showed an eighth month of manufacturing contraction and services activity slipped, potentially weighing on Kiwi exports.

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