New Zealand's benchmark S&P/NZX 50 index fell 0.05% to close at 13,228 on Wednesday, trimming earlier losses as investors turned their attention to the country’s GDP data due on Thursday. The economy is anticipated to shrank by 0.3% in the June quarter, supporting expectations for two more rate cuts by early next year. Globally, market focus is on the US Federal Reserve's policy decision later today, where it is widely expected to deliver a 25bps rate cut. On the corporate front, losses in Auckland Intl Airport (-1.5%), a2 Milk (-3.2%), Port of Tauranga (-1.6%), Spark NZ (-0.8%), and Heartland Group (-1.5%) weighed on the benchmark. However, declines were partly offset by solid gains in utilities and property stocks, sectors that tend to benefit from lower interest rate expectations.