标准普尔/NZX 50指数周二下跌1%，收于12834点，从五个月高点回落，受全球贸易持续不确定性影响，各行业普遍下跌。投资者仍然关注贸易谈判，此前美国财政部长斯科特·贝森特表示，政府将贸易协议的质量置于时间之上，特朗普总统将决定是否延长取得进展的国家的最后期限。在国内，疲软的贸易数据抑制了市场情绪，新西兰6月份的贸易顺差收窄至五个月低点，进口增长19%，超过了10%的出口增长。总体而言，Gentrack Group（-4.4%）、Serko（-3.2%）、奥克兰国际机场（-2.6%）、Ryman Healthcare（-2.3%）和Chorus（-2.1%）均出现大幅亏损。以指数为主的金融股也下跌，包括Precinct Properties（-2.8%）、澳新银行集团（-1.6%）和西太平洋银行（-1.4%）。耐用消费品和分销服务分别下跌3.8%和2.2%。

The S&P/NZX 50 Index fell 1% to close at 12,834 on Tuesday, retreating from a five-month high, weighed by broad-based losses across sectors amid persistent global trade uncertainties. Investors remained focused on trade talks after US Treasury Secretary Scott Bessent said the administration prioritizes the quality of trade deals over timing, with President Trump set to decide whether to extend deadlines for countries showing progress. Domestically, sentiment was dampened by soft trade data, as New Zealand’s trade surplus narrowed in June to a five-month low, with imports jumping 19%, outpacing export growth of 10%. Across the board, steep losses were seen in Gentrack Group (-4.4%), Serko (-3.2%), Auckland International Airport (-2.6%), Ryman Healthcare (-2.3%), and Chorus (-2.1%). Index-heavy financials also declined, including Precinct Properties (-2.8%), ANZ Group (-1.6%), and Westpac (-1.4%). Consumer durables and distribution services retreated 3.8% and 2.2%, respectively.

新西兰6月份进口同比增长19%，出口同比增长10%。新西兰6月贸易顺差1.42亿新西兰元，远低于市场预期的10.2亿新西兰元。尽管进出口均实现了稳健的年增长，但平衡仍有所减弱。

New Zealand imports jump 19% yoy in June, while exports rise 10% yoy.New Zealand posted a trade surplus of NZD 142m in June, falling well short of market expectations for NZD 1.02B. The softer balance came despite solid annual growth in both exports and imports.

周二，新西兰元跌至0.596美元左右，回吐了最近的涨幅，因为越来越多的人预计，由于经济数据疲软，储备银行将恢复货币宽松政策。年度通胀率升至一年高点，但低于预期，而季度CPI进一步放缓，也低于预期。分析师表示，这些数据使新西兰联储没有理由预计今年CPI将达到1-3%的目标区间，这进一步证明了在8月会议上降息的必要性。通胀公布前，市场降息的可能性从61%上升到85%。6月份贸易顺差大幅收窄至五个月低点，进口激增19%，超过了10%的出口增长，这加剧了鸽派的前景。与此同时，全球贸易担忧继续影响市场情绪，此前美国财政部长斯科特·贝森特表示，政府将贸易协议的质量置于时间之上，特朗普总统将决定是否延长取得进展的国家的最后期限。

The New Zealand dollar fell to around $0.596 on Tuesday, giving back recent gains amid growing expectations that the Reserve Bank will resume monetary easing due to soft economic data. Annual inflation rose to a one-year high but came in below forecasts, while quarterly CPI slowed further and also missed expectations. Analysts said the data gives the RBNZ little reason to expect CPI to reach the top of its 1–3% target band this year, reinforcing the case for a rate cut at the August meeting. Market odds for a cut rose to 85% from 61% before the inflation release. Adding to the dovish outlook, the trade surplus narrowed sharply in June to a five-month low, as imports surged 19%, outpacing export growth of 10%. Meanwhile, global trade concerns continued to weigh on sentiment after US Treasury Secretary Scott Bessent said the administration prioritizes the quality of trade deals over timing, with President Trump to decide whether to extend deadlines for countries showing progress.

新西兰元50指数几乎持平，周二早盘交易中约为12958点，此前一天触及2月以来的最高水平，因为通信服务和金融业的上涨抵消了医疗保健和消费必需品的下跌。交易员评估了周一的通胀数据，该数据显示，尽管低于2.8%的预期，但通胀在第二季度季度有所缓解，但每年加速至2.7%，仍保持在新西兰储备银行的1-3%目标范围内。在美国与其贸易伙伴之间贸易谈判的不确定性挥之不去的情况下，也建立了谨慎的态度。然而，标准普尔500指数和华尔街纳斯达克指数隔夜创下历史新高，提振了市场情绪。从消极方面来看，新西兰6月份的贸易顺差收窄至5个月低点1亿新西兰元，远低于10亿新西兰元的预期。Infratil和Mainfreight各上涨0.7%，而SKT TV在宣布同意完全收购TV3所有者Discovery NZ后飙升4.5%。Gentrack Group下跌1.9%，Fisher&Paykel下跌0.5%。

The NZX 50 was almost flat, trading around 12,958 in early deals on Tuesday, after hitting its highest level since February the day before, as gains in communication services and financials offset falls in healthcare and consumer staples. Traders assessed Monday's inflation data, which showed inflation eased quarterly but accelerated to 2.7% annually in Q2, despite being below expectations of 2.8%, and still remaining within the RBNZ's 1–3% target range. Caution was also built amid lingering uncertainty over trade negotiations between the US and its trading partners. However, record highs in the S&P 500 and Nasdaq on Wall Street overnight lifted sentiment. On the negative side, New Zealand's trade surplus narrowed to a 5-month low of NZ$0.1 billion in June, far below expectations of NZ$1 billion. Infratil and Mainfreight rose 0.7% each, while SKT TV surged 4.5% after announcing it agreed to fully acquire TV3 owner Discovery NZ. Gentrack Group fell 1.9% and Fisher & Paykel shrank 0.5%.