NZ shares edge higher on growing hopes for US-China trade
The S&P/NZX 50 Index increased 5.11 points, or 0.05 percent, to 10,793.75. Within the index, 20 stocks rose, 26 fell, and four were unchanged. Turnover was $140.7 million.
Stocks across Asia were broadly stronger, following Wall Street higher, as optimism that the US and China may end their protracted trade war stoked investors' appetite for riskier assets. Australia's S&P/ASX 200 Index was up 0.2 percent in afternoon trading, Singapore's Straits Times Index rose 0.5 percent, and Japan's Topix rose 0.9 percent.
Peter McIntyre, an investment advisor at Craigs Investment Partners, said the local market got a strong lead overnight as US corporate earnings helped push stocks on Wall Street higher. That added to optimism over the trade deal and came ahead of a Federal Reserve policy review where investors expect an interest rate cut.
"Things have been more confident about the US and China trade war," he said.
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