周二上午，NZX 50几乎没有变化，在前一交易日稳步上涨后徘徊在12689附近。耐用消费品和电子技术的损失抵消了生产商制造业和能源矿产的收益。投资者消化了新的数据，显示新西兰食品通胀率从4月份的3.7%加速至5月份的17个月高点4.4%。焦点还转向了本周公布的关键国内数据，包括第一季度国内生产总值和经常账户余额。与此同时，由于中东紧张局势升级，美国期货大幅下跌，以色列承诺对伊朗进行进一步打击。在货币方面，美联储将于今天晚些时候开始政策会议，并于周三作出决定。尽管人们普遍预计利率将连续第四次保持不变，但日益加剧的地缘政治风险和油价上涨可能会抑制短期降息的希望。在个人板块中，AFT Pharma上涨1.9%，Skellerup上涨1.1%，而Mainfreight下跌1.4%，Restaurant Brands NZ下跌1.0%。

The NZX 50 was little changed on Tuesday morning, hovering near 12,689 after solid gains in the previous session. Losses in consumer durables and electronic tech offset gains in producer manufacturing and energy minerals. Investors digested fresh data showing New Zealand’s food inflation accelerated to a 17-month high of 4.4% in May from 3.7% in April. Focus also turned to key domestic data due this week, including Q1 GDP and the current account balance. Meanwhile, U.S. futures dropped sharply amid escalating Middle East tensions, with Israel pledging further strikes on Iran. On the monetary front, the Fed will kick off its policy meeting later today, with a decision on Wednesday. While rates are widely expected to stay unchanged for the fourth straight time, mounting geopolitical risks and higher oil prices could dampen hopes for near-term cuts. Among individual movers, AFT Pharma rose 1.9% and Skellerup gained 1.1%, while Mainfreight lost 1.4% and Restaurant Brands NZ slipped 1.0%.

新西兰的年度食品通胀率在2025年5月加速至4.4%，高于4月的3.7%，达到2023年12月以来的最高水平。食品价格的持续上涨进一步给家庭预算带来了压力，其中杂货和肉类、家禽和鱼类群体分别上涨了5.2%和5.4%。与去年同期相比，所有五大食品类别的价格都有所上涨。在食品杂货中，这一增长主要是由于牛奶、黄油和奶酪的成本上涨。牛肉产品领涨肉类价格，牛排上涨18.6%，牛肉末上涨13.0%。政策制定者将密切关注，因为持续的通货膨胀可能会影响未来的利率决策。在4月份上涨0.8%之后，5月份食品价格总体上涨0.5%。

Annual food inflation in New Zealand accelerated to 4.4% in May 2025, rising from 3.7% in April and reaching its highest level since December 2023. The continued uptick in food prices further pressure on household budgets with the grocery and meat, poultry, and fish groups leading the increase, up 5.2% and 5.4%, respectively. All five major food categories saw price increases compared to the same month last year. Within grocery items, the rise was largely due to higher costs for milk, butter, and cheese. Meat price gains were led by beef products, with beef steak jumping 18.6% and beef mince climbing 13.0%. Policymakers will be watching closely, as sustained inflation could influence future decisions on interest rates. On a monthly basis, overall food prices 0.5% in May, following a 0.8 percent rise in April.

周一，新西兰元上涨至0.604美元左右，从上一交易日的下跌中恢复过来，因为有迹象表明，以色列-伊朗冲突可能不会进一步升级，投资者解除了一些避险头寸。虽然市场现在预计紧张局势将得到控制，但双方都誓言要继续报复，因此一些谨慎仍然存在。考虑到中国作为主要贸易伙伴的作用，新西兰元还得到了5月份中国零售销售强于预期的支撑，尽管工业产出疲软缓和了乐观情绪。在国内，最近的一项PMI调查显示，服务业仍处于深度收缩状态，这是自2024年6月以来的最大跌幅。市场目前预计，新西兰联储可能会在11月前再次降息，投资者正在等待本周的关键本地数据，包括食品通胀、消费者信心和第一季度国内生产总值，以获取有关经济前景的进一步线索。

The New Zealand dollar rose to around $0.604 on Monday, recovering from losses in the previous session, as investors unwound some risk-off positions amid signs that the Israel-Iran conflict may not escalate further. While markets now expect the tensions to remain contained, some caution lingers with both sides vowing continued retaliation. The Kiwi also found support from stronger-than-expected Chinese retail sales in May, given China’s role as a major trade partner, although weaker industrial output tempered the optimism. Domestically, a recent PMI survey showed the services sector remained deep in contraction, marking its sharpest decline since June 2024. Markets are now pricing in just one more rate cut from the RBNZ, likely by November, with investors awaiting key local data this week—including food inflation, consumer confidence, and Q1 GDP—for further clues on the economic outlook.

周一，新西兰基准标准普尔/新西兰证交所50指数上涨超过1%，收于12690点，受能源相关股票上涨的支撑，中东紧张局势升级之际油价上涨的支撑。Channel Infrastructure NZ领涨能源股，上涨近2%，而发电商Meridian energy（+1.4%）、Mercury NZ（+1.5%）和Contact energy（+1.5%.）也稳健上涨。尽管如此，随着中东紧张局势继续影响风险情绪，以色列和伊朗在周末交换了罢工，两国都誓言要进一步报复，谨慎态度依然存在。与此同时，市场消化了好于预期的中国零售销售数据，鉴于中国作为主要贸易伙伴的作用，这些数据提供了一些支持。然而，低于预期的工业产出缓和了乐观情绪。在国内，一项新的PMI调查显示，服务业仍处于深度收缩状态，最新数据标志着自2024年6月以来的最大跌幅。

New Zealand's benchmark S&P/NZX 50 index jumped over 1% to close at 12,690 on Monday, supported by gains in energy-related stocks, supported by rising oil prices amid escalating tensions in the Middle East. Channel Infrastructure NZ led the advance among energy stocks, climbing nearly 2%, while electricity generators Meridian Energy (+1.4%), Mercury NZ (+1.5%), and Contact Energy (+1.5%) also posted solid gains. Still, caution lingered as Middle East tensions continued to weigh on risk sentiment, with Israel and Iran exchanging strikes over the weekend, and both nations vowing further retaliation. Meanwhile, markets digested better-than-expected Chinese retail sales data, which provided some support given China’s role as a major trade partner. However, weaker-than-forecast industrial output tempered the optimism. Domestically, a fresh PMI survey showed that the services sector remained deeply in contraction, with the latest reading marking the sharpest decline since June 2024.