On Wednesday morning, New Zealand's stock market experienced a slight decline, with the NZX 50 index dropping by 22 points, or 0.2%, to settle at 12,290. This downturn followed a positive close in the previous trading session. Investor sentiment was cautious as market participants anticipated an announcement from US President Trump regarding reciprocal tariffs later that day. The NZX 50's performance mirrored a drop in Wall Street's Dow Jones, where investors were on edge awaiting the so-called "Liberation Day" announcement against a backdrop of weak jobs and manufacturing data.
Despite this, New Zealand's stock decline was somewhat tempered by promising data from China, New Zealand's leading trading partner. The Chinese manufacturing sector experienced its most significant expansion in four months, driven by official reports indicating that factory activity rose at the fastest rate in a year.
In terms of domestic economic indicators, New Zealand reported a 0.7% increase in building permits for February, though this was a slowdown from the 2.6% rise observed in January. Sectors such as technology, industrials, and healthcare exerted downward pressure on the index. Notable companies contributing to the decline included Fletcher Building, which fell by 1.2%, Colonial Motor, down 1.0%, Fisher & Paykel, which slipped 0.9%, Auckland International Airport, also down 0.9%, and Hallenstein Glasson, which decreased by 0.8%.
The material has been provided by InstaForex Company - www.instaforex.com
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