The S&P/NZX 50 index rose 0.5% to close at 12,912 on Monday, recovering losses from the previous session, driven mainly by gains in index-heavy financial stocks. Westpac Banking, ANZ Group, and Precinct Properties all advanced between 1.2% and 2.1%. Utilities and non-energy minerals also posted strong gains, led by Meridian Energy (+2%), Vector (+2%), and Fletcher Building (+2.4%). However, some caution lingered amid trade risks linked to US tariffs. Prime Minister Luxon indicated tariff relief is unlikely following the recent 15% tariff imposed on New Zealand exports last week. Meanwhile, uncertainty over the US–China tariff truce and weak Chinese inflation data for July added risks to Kiwi exports due to close trade ties with China. Markets also focused on US inflation data due later this week amid rising bets of rate cuts in September and December, driven by soft labor market signals.