NZ shares join global rally as upcoming US-China trade buoys investors
The S&P/NZX 50 Index advanced 81.46 points, or 0.7 percent, to 11,625.13. Within the index, 28 stocks rose, 15 fell and seven were unchanged. Turnover was $173.7 million.
Stocks across Asia were largely stronger as investors took the US decision to stop calling China a currency manipulator as a major step in de-escalating tensions between the world’s two biggest economies.
Stephen Innes, chief Asia market strategist at AxiTrader, said the strengthening Chinese yuan was the best gauge of the market’s view on US-China trade tensions, and that recent appreciation indicated further improvement.
“With the US reversing its decision to brand China a currency manipulator, it is a most precise and definitive de-escalation of trade tension to date and provides a less congested road as we pivot to phase two of the broader trade agreement,” Innes said in a note.
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