New Zealand's benchmark index fell 123 points, or 0.9%, to 13,738 on Wednesday, reversing an early rise to 13,889 and marking a second consecutive decline as the market touched its lowest level since August 3. Early support from consumer discretionary, consumer staples and utilities faded as Wall Street weakness, higher oil prices and uncertainty over the reopening of the Strait of Hormuz renewed inflation concerns and kept investors cautious before U.S. inflation data that could influence the Federal Reserve's next policy decision. Investors were also awaiting the Reserve Bank of New Zealand's Q3 business inflation expectations release on Thursday after expectations accelerated slightly in Q2, while locally they assessed comments from Prime Minister Christopher Luxon after he survived a second confidence vote and reiterated the need to defeat the Labour-led opposition.