New Zealand's benchmark S&P/NZX 50 index fell 0.7% to close at 13,142 on Monday, giving back gains from the previous session, weighed down by losses in health and non-energy minerals stocks. Top laggards included Fisher & Paykel (-0.9%), Ebos (-3.9%), Summerset Group (-2.3%), and Fletcher Building (-2.6%). Other sectors also faced downward pressure, including electronics, commercial, consumer durables, industrial, and utilities. Meanwhile, investors are anticipating an interest rate cut from the Reserve Bank, as the economy shows signs of weakness. GDP contracted more than expected in Q2, while the trade deficit exceeded forecasts, leading markets to fully price in a 25bps rate cut in October and assign roughly a 25% chance of a larger 50bps move. Elsewhere, sentiment was little affected by the PBOC keeping loan prime rates steady, providing no boost to Chinese demand amid a slowing economy. New Zealand remains sensitive to Chinese economic signals due to strong trade links.