US-China trade wars hurt NZ shares
The S&P/NZX 50 Index decreased 4.98 points, or 0.05 percent, to 10,099.37. Within the index, 22 stocks fell, 20 rose, and eight were unchanged. Turnover was $108.7 million.
Stocks across Asia were mixed as investors waited as US and Chinese trade negotiations enter their final phase, with China vowing to retaliate to the US lifting tariffs on US$200 billion of goods to 25 percent. China's Shanghai Composite Index was up 1.4 percent in afternoon trading, Japan's Topix was down 0.1 percent and Australia's S&P/ASX 200 index was up 0.3 percent.
"It's relatively calm given it could be quite a significant 24 hours ahead," said Mark Lister, head of private wealth research at Craigs Investment Partners. "The next move depends on what comes out of the US trade talks over the next day or so."
Lister said he would expect equity markets to be sold off if a deal can't be reached, with New Zealand holding up better than most as low interest rates and a weaker currency helping offset slowing growth.
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