NZ shares join global decline; US tariff move weighs on exporters
The S&P/NZX 50 Index dropped 73.71 points, or 0.7 percent, to 11,228.27. Within the index, 27 stocks fell, 16 rose, and seven were unchanged. Turnover was $173.3 million.
Stocks across Asia fell, taking their cue from Wall Street where weaker US manufacturing data set a downbeat tone that was compounded by President Donald Trump’s imposition of steel and aluminium tariffs on Brazil and Argentina. Hong Kong’s Hang Seng dropped 0.2 percent in afternoon trading, while Australia’s S&P/ASX 200 Index was down 2.3 percent and South Korea’s Kospi 200 Index fell 0.6 percent.
“The US President imposed tariffs on Brazilian and Argentinian steel and aluminium in a shock overnight move that rattled investment markets,” CMC Markets chief market strategist Michael McCarthy said in a note.
“The move followed weaker manufacturing data in Europe and the US and compounded already weak sentiment. Shares and bonds were hit hard, and the US dollar fell.”
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