周二早盘，新西兰元50指数下跌48点，跌幅0.3%，至13347点，结束了三个交易日的上涨，因为医疗保健、材料和通信服务的下跌对该指数造成了压力。鉴于中国作为新西兰最大贸易伙伴的关键作用，投资者在本周晚些时候公布的新西兰10月商业和消费者信心数据以及中国官方PMI数据之前变得谨慎。周一华尔街的反弹部分抵消了损失，因为人们越来越乐观地认为，在通胀疲软之后，美联储本周将再次降息，并可能在12月再次降息。与此同时，有迹象表明，中美贸易紧张局势有所缓解，高级官员在特朗普总统和Xi预计在未来几天举行会晤之前概述了一个框架。早期落后者包括Gentrack Group（-2.0%）、Fisher&Paykel Healthcare（-1.9%）、陶朗加港（-1.0%）和Freightways Group（-0.7%）。

The NZX 50 fell 48 points, or 0.3%, to 13,347 in morning trade on Tuesday, snapping a three-session advance as declines in healthcare, materials, and communication services weighed on the index. Investors turned cautious ahead of October business and consumer confidence data in New Zealand due later this week, as well as China’s official PMI figures, given its key role as New Zealand’s largest trading partner. Losses were partly offset by a rally on Wall Street Monday amid growing optimism that the U.S. Federal Reserve will cut interest rates again this week, following softer inflation, and may deliver another reduction in December. Meanwhile, signs of easing Sino-U.S. trade tensions were built, with top officials outlining a framework ahead of an expected meeting between Presidents Trump and Xi Jinping in the coming days. Early laggards included Gentrack Group (-2.0%), Fisher & Paykel Healthcare (-1.9%), Port of Tauranga (-1.0%), and Freightways Group (-0.7%).

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The NZX 50 fell 48 points, or 0.3%, to 13,347 in early trading on Tuesday, halting gains from the previous three sessions, as weakness in healthcare, materials, and communication services stocks weighed on the index. Traders assessed a new 28% capital gains tax (CGT) announced this morning and awaited the Federal Reserve’s policy meeting later this week. Labour has agreed to campaign for the tax, which would apply only to property, take effect in July 2027, and not be retrospective if the party is elected at next year’s election. In response, Finance Minister Nicola Willis, who is also National’s deputy leader, told Morning Report that the policy would put the economy at risk. An upbeat session on Wall Street overnight, however, capped losses amid optimism over President Trump’s upcoming meeting with Chinese President Xi Jinping on Thursday. Among early decliners were Gentrack Group (-2.0%), Fisher & Paykel Healthcare (-1.9%), Port of Tauranga (-1.0%), and Freightways Group (-0.7%).

周二早盘，新西兰元50指数下跌48点，跌幅0.3%，至13347点，结束了三个交易日的上涨，因为医疗保健、材料和通信服务的下跌对该指数造成了压力。鉴于中国作为新西兰最大贸易伙伴的关键作用，投资者在本周晚些时候公布的新西兰10月商业和消费者信心数据以及中国官方PMI数据之前变得谨慎。周一华尔街的反弹部分抵消了损失，因为人们越来越乐观地认为，在通胀疲软之后，美联储本周将再次降息，并可能在12月再次降息。与此同时，有迹象表明，中美贸易紧张局势有所缓解，高级官员在特朗普总统和Xi预计在未来几天举行会晤之前概述了一个框架。早期落后者包括Gentrack Group（-2.0%）、Fisher&Paykel Healthcare（-1.9%）、陶朗加港（-1.0%）和Freightways Group（-0.7%）。

The NZX 50 fell 48 points, or 0.3%, to 13,347 in morning trade on Tuesday, snapping a three-session advance as declines in healthcare, materials, and communication services weighed on the index. Investors turned cautious ahead of October business and consumer confidence data in New Zealand due later this week, as well as China’s official PMI figures, given its key role as New Zealand’s largest trading partner. Losses were partly offset by a rally on Wall Street Monday amid growing optimism that the U.S. Federal Reserve will cut interest rates again this week, following softer inflation, and may deliver another reduction in December. Meanwhile, signs of easing Sino-U.S. trade tensions were built, with top officials outlining a framework ahead of an expected meeting between Presidents Trump and Xi Jinping in the coming days. Early laggards included Gentrack Group (-2.0%), Fisher & Paykel Healthcare (-1.9%), Port of Tauranga (-1.0%), and Freightways Group (-0.7%).

新西兰元升至0.576美元左右，徘徊在两周高点附近，受对美中贸易谈判的重新乐观情绪支撑，该谈判可能会缓解出口依赖型经济的风险。周末，美国和中国谈判代表就关键问题达成一致，而财政部长贝森特表示，在两国总统会谈之前，特朗普100%的关税威胁“不在谈判桌上”。尽管如此，澳大利亚货币仍受到储备银行进一步放松货币政策的预期的压力。上周第三季度整体通胀率创下一年新高，但新西兰储备银行首选指标仍处于2021年初以来的最低水平，表明价格压力减弱。该数据与央行的前景一致，交易员完全预计11月将降息25个基点，大幅降息的可能性很小。人民币正走向连续第四个月下跌。

The New Zealand dollar rose to around $0.576, hovering near a two-week high, supported by renewed optimism over US-China trade talks that could ease risks to the export-reliant economy. US and Chinese negotiators agreed on key issues over the weekend, while Treasury Secretary Bessent said Trump’s 100% tariff threat is “off the table,” ahead of talks between the two presidents. Still, the antipodean currency remained pressured by expectations of further monetary easing by the Reserve Bank. Headline inflation hit a one-year high in Q3 last week, but the RBNZ’s preferred gauge remained at its lowest since early 2021, signaling subdued price pressures. The data aligns with the central bank’s outlook, with traders fully pricing in a 25bps rate cut in November and slim odds of a larger move. The currency is heading for its fourth straight monthly decline.