FX.co ★ New Zealand Stocks Extend Gains

New Zealand's stock market experienced an increase, with shares rising by 43 points, or 0.3%, to reach 12,608. This marks the second consecutive session of gains, driven by encouraging signs from ongoing US-China trade discussions, even in the absence of detailed information. The NZX 50 mirrored Wall Street's overnight upturn, buoyed by optimism over the trade talks. Traders are closely tracking these developments after US Commerce Secretary Howard Lutinick indicated that the discussions might extend into Wednesday. However, gains were tempered by a World Bank report that revised its global GDP growth forecast downwards to 2.3%, from the 2.7% initially projected in January, due to increased tariffs. On the economic data front, New Zealand saw a remarkable 18.8% year-over-year increase in visitor arrivals for April, which bounced back from an 8.4% decrease in March. The index was predominantly boosted by the industrials, financials, and communication services sectors, with significant advances recorded by Auckland International Airport (1.4%), ANZ Group (1.3%), Infratil (0.8%), Property for Industry (0.7%), and Summerset Group (0.5%).