New Zealand's benchmark S&P/NZX 50 index closed 0.25% lower at 12,824 on Thursday, marking its second consecutive session of losses. The local market tracked weakness on Wall Street, where most US equities slipped after the Federal Reserve held interest rates steady again and gave no signal it plans to lower rates in September, despite mounting pressure from President Donald Trump. Further weighing on investor sentiment was the looming August 1 tariff deadline set by Trump, with several countries - including New Zealand - yet to clinch a deal. Moreover, weaker-than-expected PMI data from China raised fresh concerns over the economic outlook for New Zealand’s largest trading partner. On the corporate front, notable decliners included index heavyweights Auckland International Airport (-1.2%), Infratil (-3.1%), Mainfreight (-1.3%), Mercury NZ (-1.0%), and Spark NZ (-0.6%). The NZX 50 still posted a 1.75% gain in July, logging its third straight monthly rise.