New Zealand's benchmark S&P/NZX 50 index edged down 0.1% to 13,605 on Tuesday, staying within a tight range as losses in utilities and transport offset gains in financials. Declines were led by Vector Limited (-2.6%), Mainfreight Limited (-1.2%), Port of Tauranga (-1.2%), and Napier Port (-1.7%), which outweighed gains in Westpac Banking (+3.8%), ANZ Group (+1%), and Precinct Properties (+1%). On the data front, business inflation expectations remained subdued and within the RBNZ’s 1%–3% target range. Most respondents foresee a rate cut this month, with markets largely pricing a 25?bps reduction to 2.25% and a small chance of a 50?bps cut, amid rising job losses and a slowing economy. Elsewhere, sentiment was supported by hopes of an end to the US government shutdown and potential Federal Reserve rate cuts.