New Zealand shares slipped 144 points, or 1.1%, to 13,295 in Friday morning trade, erasing prior gains and approaching a one-month low. Sentiment soured after Wall Street’s slump on Thursday, driven by renewed fears of overheated AI valuations and fading hopes for a Federal Reserve rate cut in December. Local markets are on track for a second consecutive weekly loss, down roughly 1.3% so far, as investors adopt a cautious stance ahead of next week’s RBNZ decision, despite expectations for further easing to bolster growth. Losses were partially offset by October’s narrower trade deficit in New Zealand, with exports outpacing imports. In top trading partner China, the central bank kept its key lending rates at record lows for the sixth straight meeting Thursday to support the sluggish economy. Most sectors in the NZX 50 declined, led by Gentrack Group (-3.1%), Infratil (-2.9%), Ryman Healthcare (-2.8%), and Fisher & Paykel Healthcare (-2.4%).