标准普尔/NZX 50指数周二收于12061点，下跌0.3%，结束了连续三天的上涨，受运输、公用事业和健康股下跌拖累。新西兰财政部长尼古拉·威利斯宣布，由于经济状况恶化，2025年预算的基线支出将被削减，此后人们一直保持谨慎。尽管如此，政府仍维持了对下半年经济增长加速和失业率下降的预测。美国和中国在贸易发展方面发出的相互矛盾的信号也影响了市场情绪。与此同时，私人数据显示劳动力市场预测疲软，支持了市场对储备银行下个月降息25个基点的可能性为90%的预期。最落后的是奥克兰国际机场（-1.8%）、Mainfreight（-1.9%）、Meridian Energy（-0.8%）和斐雪派克医疗保健公司（-0.7%）。

The S&P/NZX 50 index closed 0.3% lower at 12,061 on Tuesday, snapping a three-day winning streak, dragged down by losses in transportation, utilities, and health stocks. Caution persisted after New Zealand Finance Minister Nicola Willis announced that baseline spending in the 2025 budget would be cut due to worsening economic conditions. Still, the government maintained its forecast for accelerating growth and declining unemployment in the second half of the year. Sentiment was also weighed by conflicting signals from the US and China regarding trade developments. Meanwhile, private data pointing to subdued labour market projections supported market expectations of a 90% chance that the Reserve Bank will cut rates by 25 basis points next month. Among the top laggards were Auckland International Airport (-1.8%), Mainfreight (-1.9%), Meridian Energy (-0.8%), and Fisher & Paykel Healthcare (-0.7%).

周二，新西兰元跌至0.597美元左右，因为美中贸易发展的不确定性日益增加，对出口导向型货币构成风险。中国再次否认与美国进行贸易谈判，这与唐纳德·特朗普总统及其助手关于谈判目前正在进行的说法相矛盾。财政部长贝森特还表示，贸易战“降级”取决于中国，扭转了特朗普早些时候提出的美国将首先放松关税的建议。在国内，劳动力市场数据持平，支持了市场对美联储下个月降息25个基点的可能性为90%的预期。与此同时，财政部长尼古拉·威利斯表示，由于经济状况恶化，2025年预算中的基线支出将被削减，尽管政府仍预计今年晚些时候经济增长将更强劲，失业率将降低。

The New Zealand dollar fell to around $0.597 on Tuesday, as the growing uncertainty over US-China trade developments poses risks to the export-heavy currency. China again denied engaging in trade talks with the US, contradicting claims by President Donald Trump and his aides that negotiations are currently in progress. Treasury Secretary Bessent also said it is up to China to "de-escalate" the trade war, reversing Trump’s earlier suggestion that the US would ease tariffs first. Domestically, flat labor market data supported market expectations of a 90% chance the Reserve Bank will cut rates by 25 bps next month. Meanwhile, Finance Minister Nicola Willis said baseline spending in the 2025 budget will be cut due to worsening economic conditions, though the government still expects stronger growth and lower unemployment later this year.

新西兰财政部长尼古拉·威利斯在5月22日全面预算交付前的预算前演讲中表示，新西兰将削减2025年预算的新支出。运营津贴将从24亿新西兰元降至13亿新西兰元，这有助于财政部保持对2029年预算盈余的预测，尽管政府仍将2028年作为目标。她说：“新的支出举措严格限于最重要的优先事项：我们的重点一直是卫生、教育、法律和秩序、国防以及少数关键的社会投资。”她补充说，还有适度的商业增长支持和有针对性的生活成本救济的空间。美国全面关税释放的经济不确定性预计将抑制全球增长，减少对新西兰出口的需求，导致税收减少。政府不会提高工资、储蓄、财富或资本税，认为经济增长是增加收入的最佳途径。

New Zealand will slash new spending for its 2025 budget, Finance Minister Nicola Willis said in a pre-budget speech ahead of the full budget delivery on May 22. The operating allowance will be reduced to NZD 1.3 billion from NZD 2.4 billion, helping Treasury maintain a forecast for a budget surplus by 2029, though the government still targets 2028. "New spending initiatives are strictly limited to the most important priorities: our focus has been on health, education, law and order, defense, and a small number of critical social investments," she said, adding there is also room for modest business growth support and targeted cost-of-living relief. The economic uncertainty unleashed by sweeping US tariffs is expected to curb global growth and reduce demand for New Zealand exports, leading to lower tax revenue. The government will not raise taxes on wages, savings, wealth, or capital, seeing economic growth as the best path to boosting revenue.

新西兰元50指数几乎持平，周二早盘交易中约为12101点，此前三个交易日有所上涨，金融、能源和科技板块的上涨抵消了工业、通信服务和消费必需品的下跌。新西兰财政部长尼古拉·威利斯周二表示，由于经济状况恶化，2025年预算的基准支出将减少，交易员们对此持谨慎态度。然而，政府继续预测未来一年经济将加速增长，预计下半年失业率将下降。在美中贸易谈判中，谨慎也占上风，而中国推迟了新的措施。交易员们还为本周晚些时候公布的中国PMI数据和美国的一系列经济数据做好了准备。Colonial Motor和Fletcher Building分别暴跌2.2%和1.6%，而Mainfreight和F&C Investment分别上涨0.9%和0.7%。

The NZX 50 was almost flat, trading around 12,101 in early deals on Tuesday, after gaining in the previous three sessions, as gains in the financial, energy, and tech sectors offset falls in industrials, communication services, and consumer staples. Traders were cautious after New Zealand Finance Minister Nicola Willis said on Tuesday that baseline spending in the 2025 budget would be reduced due to worsening economic conditions. However, the government continues to forecast accelerating growth in the economy over the coming year, with falling unemployment expected in the second half of the year. Caution also prevailed amid ongoing US-China trade talks, while China held off on fresh measures. Traders also braced for Chinese PMI data and a slew of economic data from the US, which will be due later this week. Colonial Motor and Fletcher Building each plunged 2.2% and 1.6%, while Mainfreight and F&C Investment rose by 0.9% and 0.7%, respectively.