New Zealand: NZX 50 Retreats from Record High but Poised for 3rd Weekly Gain.

The NZX 50 dropped 80 points, or 0.6%, to 14,179 in Friday morning trade, tracking a downbeat session on Wall Street overnight amid a plunge in Nvidia shares following the resignation of CEO Huang, while rising oil prices lifted Treasury yields. Traders also took profit after the broader index hit a record high a day earlier, supported by strong earnings reports from heavyweight stocks. Fresh data also pressured sentiment, as growth in New Zealand's manufacturing sector eased in October amid rising fuel prices, the cost of living, and concerns over election uncertainty. Rising oil prices further pressured the index, as inflation concerns and expectations of interest rate hikes increased. Almost all sectors traded in the red, led by industrials, with notable losers including Auckland International Airport (-3.4%), Turners Automotive (-1.9%), Fletcher Building (-1.6%), and Brisco Group (-1.2%). However, the index was up 1.3% for the week, marking its third straight weekly gain.