Fears over global growth drive NZX, not the Budget

The S&P/NZX Index decreased 24.49 points, or 0.2 percent, to 10,071.98. Within the index, 28 stocks fell, 17 rose, and five were unchanged. Turnover was $94.5 million, with just three stocks trading on volumes of more than a million shares.

Stock markets across Asia were mixed after Wall Street set a negative tone as investors fret over whether US-China trade tensions will crimp global growth. China's Shanghai Composite was down 0.8 percent in afternoon trading, Australia's S&P/ASX 200 Index fell 0.9 percent, while South Korea's Kospi 200 Index rose 0.6 percent.

James Lindsay, a senior portfolio manager at Nikko Asset Management, said the weak leads from overseas markets last night weighed on the NZX today, as investors pondered whether an inversion of the yield curve - where 10-year US government debt has a lower yield than short-term notes - whether it pointed to a global slow down.

"Concerns and worries around the continuing trade war and retaliatory action back and forward created that weak offshore lead," he said.