Recasts paragraph 1 after RBNZ rate cut, updates share moves throughout
Oct 8 (Reuters) - New Zealand shares rebounded on Wednesday after the central bank delivered a larger-than-expected interest rate cut and signalled room for further easing, while gold miners dragged Australian equities lower.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 13,602.84 by 0144 GMT, after falling as much as 0.2% earlier in the day.
The Reserve Bank of New Zealand (RBNZ) cut its benchmark rate by 50 basis points to 2.50%, surprising some market participants and suggesting policymakers were worried about the frail state of the economy.
The central bank has lowered rates by 300 basis points since August 2024, and with inflation now within its 1%–3% target range, policymakers have room to ease borrowing costs further.
In Australia, the S&P/ASX 200 index .AXJO fell 0.1% to 8,944.20 by 0144 GMT, after closing 0.3% lower on Tuesday.
Gold-linked stocks .AXGD fell 2.2% after notching record highs in the previous session and were on track for their steepest drop in three weeks. Greatland Resources GGP.AX and Vault Minerals VAU.AX both dropped more than 4.3%.
Meanwhile, bullion prices climbed to a fresh high, nearing the crucial $4,000-per-ounce level, bolstered by economic and geopolitical uncertainty and expectations of additional U.S. interest rate cuts. GOL/
Technology stocks .AXIJ declined 1.4%, tracking Wall Street's overnight losses as concerns mounted over the U.S. government shutdown. .N
Life360's Australia-listed shares 360.AX were down nearly 4.2%, while accounting software provider Xero XRO.AX dropped 1.4%.
Consumer discretionary stocks .AXDJ fell more than 1.6% in what could be their third straight session of losses. Light & Wonder's Australia-listed shares LNW.AX dropped more than 3.5%.
Limiting the benchmark stock index's losses, healthcare stocks .AXHJ rose 0.6%, with cancer diagnostics firm Telix Pharmaceuticals TLX.AX advancing 1.6%.
(Reporting by Nichiket Sunil in Bengaluru; Editing by Subhranshu Sahu)
((Nichiket.Sunil@thomsonreuters.com;))
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