MT Newswires -Shutterstock
New Zealand shares inched up on Tuesday amid hopes of an easing trade war between the superpowers of the US and China.
The S&P/NZX 50 Index rose 0.3% or 32.89 points to close at 13,377.85.
On Monday, US President Donald Trump said he expects to secure a fair trade deal with Chinese President Xi Jinping and minimized the risk of conflict over Taiwan, even as his lead trade negotiator accused Beijing of practising “economic coercion”, according to a Monday Reuters report.
In domestic news, credit card spending in New Zealand decreased by 2.1% month on month to NZ$4.34 billion in September after a 2% increase in August, while credit card balances fell 0.1% to NZ$6.06 billion in September, following a 0.7% rise in the previous month, data from the Reserve Bank of New Zealand showed.
Also, New Zealand recorded a trade deficit of NZ$1.35 billion in September, compared with a deficit of NZ$1.23 billion in August, Stats NZ data showed.
Further, the 3% rise in New Zealand’s consumer inflation in the September quarter was mainly related to volatile categories, like food, or regulated prices like council rates, while inflation remained lower in parts of the economy that are more responsive to interest rates, Westpac said.
Moreover, New Zealand’s housing market appears to be moving in no clear direction, as seasonal declines in overhang and dropouts leave an uncertain picture, interest.co.nz said.
Additionally, New Zealand’s annual job-advertised volumes rose 6% year on year in September, largely due to an accelerated growth in the construction, hospitality, and tourism sectors, according to a report by online employment marketplace Seek.
In corporate news, Mercury (NZE:MCY, ASX:MCY) appointed Michele Mauger as chief people officer, effective in the first quarter of fiscal 2026, succeeding Fiona Smith.
Vector (NZE:VCT) reported 634,269 electricity network connections for the three months ended Sept. 30, up 1.2% on September 2024, with 2.460 gigawatt-hour electricity volume distributed in the period, up 1.3% on September 2024.