FX.co ★ New Zealand Shares Rise Slightly

New Zealand's stock market saw an uptick of 41 points, or 0.3%, reaching 12,462 on Wednesday morning, as investors responded to new labor market data. The nation's unemployment rate remained steady at 5.1% for the second consecutive quarter in Q1 2025, outperforming projections of 5.3%. On the international front, U.S. futures gained momentum with the announcement that Treasury Secretary Bessent and Trade Representative Greer plan to meet with China's top economic official later this week in Switzerland. This meeting could be a preliminary step toward resolving President Trump's extensive tariff policies. However, gains were limited by private survey reports that indicated China's services sector—New Zealand's largest export market—grew at its slowest rate in seven months during April, hindered by trade disruptions due to U.S. tariffs. Manawa Energy experienced a significant surge of 26.2% following regulatory approval of Contact Energy's $1.9 billion acquisition of the firm. Other companies posting gains included Napier Port Holdings, up by 2.7%, and Restaurant Brands NZ, with a rise of 2.2%.