New Zealand's benchmark S&P/NZX 50 index ended flat at 12,880 on Wednesday, as investors digested the domestic jobs report. The unemployment rate edged up to a near five-year high of 5.2% in Q2, from 5.1% in Q1, but it was below the forecasted 5.3%. The data pointed to continued softness in the labor market, strengthening the case for a rate cut by the Reserve Bank of New Zealand at its meeting next week. Markets are now pricing in a 90% chance of a 25bps cut, with the potential for further easing to a floor of 2.75% later this year or early next. Meanwhile, concerns persist over the outlook for New Zealand’s export-reliant economy, which faces a higher 15% US tariff set to take effect on August 7. Among notable large-cap movers, Infratil gained 1.3% and Spark NZ added 1%, while Auckland Intl Airport lost 1.2% and Meridian Energy slipped 0.9%.