Trade concerns weigh on market; Fonterra recovery pauses
The S&P/NZX 50 Index declined 75.29 points, or 0.7 percent, to 10,940.86. Within the index, 32 stocks fell, 14 rose and four were unchanged. Turnover was $122.4 million.
Stocks across Asia were weaker as volatile investor sentiment turned sour, with the trade war between the US and China an ongoing concern. The US Commerce Department placed 28 Chinese companies on a list banning American firms from doing business with them, ahead of trade negotiations between the two nations on Thursday in Washington.
Singapore's Straits Times Index was down 0.4 percent in afternoon trading, while China's Shanghai Composite Index fell 0.2 percent and Australia's S&P/ASX 200 Index declined 0.8 percent.
Grant Williamson, a director at Hamilton Hindin Greene, said the ongoing dispute between US President Donald Trump's administration and China had weighed on Wall Street, which carried through into Asian trading.
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