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New Zealand Shares Flat as Nikkei Slides, Wall Street Ends Mixed; Fletcher Building Prepays US Notes Placement

MT Newswires Live13:14

New Zealand shares were flat on Friday as Nikkei saw a sell-off after weaker-than-expected spending data, and Wall Street ended mixed on Thursday.

The S&P/NZX 50 Index was little changed to close at 13,483.99.

Data showed household spending in Japan unexpectedly fell the fastest in almost two years in October, as inflation impacted people's spending power, Reuters reported Friday.

On Thursday, the benchmark S&P 500 gained 0.1%, while the Nasdaq Composite finished 0.2% up, and the Dow Jones Industrial Average fell 0.1%.

In domestic news, New Zealand's total new lending increased to NZ$14.59 billion in October from NZ$14.29 billion in September, according to data from the Reserve Bank of New Zealand.

Meanwhile, the ministers for finance and energy of Australia and New Zealand agreed that climate action and more investment in renewable energy are essential to putting downward pressure on power prices and the cost of living for New Zealand and Australian households and businesses, according to a statement.

In corporate news, Fletcher Building (NZE:FBU, ASX:FBU) prepaid its US private placement (USPP) notes, secured a new debt facility, and extended its amended interest cover covenant in a bid to streamline funding, reduce leverage, and bolster the balance sheet amid ongoing market challenges.

Property For Industry (NZE:PFI) settled the NZ$36 million acquisition of two leased properties in Mt Wellington, Auckland.

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