Equities in New Zealand fell 45 points, or 0.3%, to 13,184 in morning trade on Thursday, deepening losses from the previous session and hitting their lowest level in two weeks. The NZX 50 dropped after fresh data showed that New Zealand's GDP shrank by 0.9% QoQ in Q2, a steeper contraction than the market expected (0.3%) and an unexpected contraction of 0.6% YoY. The data followed Wednesday’s report showing that consumer confidence in the country remained weak amid rising living costs and ongoing economic uncertainty. The Fed's rate cut failed to lift sentiment, as it met market expectations and investors were still digesting its updated economic projections. Almost all sectors traded in the red, led by utilities, communication services, and consumer discretionary. Among early losers were Hallenstein Glasson (-1.5%), Chorus (-1.4%), Meridian Energy (-1.2%), Mercury NZ (-0.7%), and Fletcher Building (-0.6%).