New Zealand shares traded lower on Tuesday as markets awaited the start of the US Federal Open Market Committee's two-day meeting.
The S&P/NZX 50 Index was down 0.3%, or 32.44 points, to close at 12,671.95.
The Fed is widely expected to reduce its interest rates, with investors pricing in a 67% probability that policymakers will deliver a 50-basis-point cut, according to the CME FedWatch tool. The remaining odds favor a reduction of 25 basis points.
In domestic news, the Reserve Bank of New Zealand said unexpected changes to the official cash rate can have a material impact on financial markets, particularly in the New Zealand dollar trade-weighted index and swap rates.
In corporate news, New Zealand's Financial Markets Authority filed proceedings against a former Heartland Group (NZE:HGH, ASX:HGH) employee over alleged insider trading in the company's shares. The company's shares closed down by about 1%.
Auckland International Airport (ASX:AIA, NZE:AIA) raised NZ$1.2 billion through a fully subscribed placement at an offer price of NZ$6.95 per share. AIA ended the Tuesday trade down 0.4%.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.