After a solid first half of the year, it’s been a difficult few months for the local sharemarket. The NZX 50 has fallen more than ten per cent since the end of July, to just above the post-COVID lows from the middle of last year. This weakness has seen it slip about six per cent into the red on a year-to date basis, putting it on track for a third consecutive annual decline. In data going back to the mid-1960s, New Zealand shares have never declined for three years in a row, making this a somewhat unwanted milestone. What’s driving this weakness, and what would it take to turn things around?

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“What did the council decide on item 42?” — answered with the speaker and the moment.