新西兰基准标准普尔/NZX 50指数周三下跌0.3%，收于12794点，延续了前一交易日的跌幅，尽管美国贸易谈判取得了积极进展。美国总统唐纳德·特朗普周二宣布了与日本的一项贸易协议，根据该协议，东京将对向美国出口的商品降低15%的关税，此前与菲律宾达成的另一项协议规定，该国的出口商品将面临19%的关税。与此同时，国内投资者将密切关注新西兰储备银行首席经济学家Paul Conway周四的演讲，该演讲将讨论关税对经济的影响，并可能为8月份降息的可能性提供进一步线索。在企业方面，Infratil（-2.45%）、Spark NZ（-1.2%）、Fletcher Building（-1.6%）和Ryman Healthcare（-1.6%。

New Zealand's benchmark S&P/NZX 50 index dropped 0.3% to close at 12,794 on Wednesday, extending losses from the previous session despite positive developments in US trade negotiations. President Donald Trump on Tuesday announced a trade agreement with Japan that will see Tokyo pay a reduced 15% tariff on exports to the US, following a separate deal with the Philippines under which the country’s exports will face a 19% tariff. Meanwhile, domestic investors will be closely watching a speech by Reserve Bank of New Zealand Chief Economist Paul Conway on Thursday, which will address the economic impact of tariffs and could offer further clues on the likelihood of a rate cut in August. On the corporate front, Infratil (-2.45%), Spark NZ (-1.2%), Fletcher Building (-1.6%), and Ryman Healthcare (-1.6%) were among the session’s biggest decliners.

周三，在唐纳德·特朗普总统宣布与日本达成贸易协议，缓解关税战担忧后，新西兰元兑美元汇率突破0.60美元，连续第四个交易日上涨。该协议包括对所有进口的日本商品征收15%的关税，低于拟议的25%，日本将在美国投资5500亿美元。在国内，本周早些时候公布的数据显示，新西兰第二季度的年通胀率升至一年来的最高点，但略低于预期，而6月份的贸易顺差大幅收窄，强化了下个月降息的预期。市场目前预计，8月份降息25个基点的可能性为80%，尽管投资者认为宽松周期可能即将结束。交易员们将密切关注新西兰储备银行首席经济学家Paul Conway周四关于关税对经济影响的演讲，这可能会进一步了解8月份降息的可能性。

The New Zealand dollar strengthened past $0.60 on Wednesday, marking its fourth consecutive session of gains, after President Donald Trump announced a trade deal with Japan, easing tariff war concerns. The agreement includes a 15% tariff on all imported Japanese goods, down from a proposed 25%, and Japan will invest $550 billion in the US. Domestically, data released earlier this week showed New Zealand's annual inflation rose to a one-year high in the second quarter but was slightly below forecasts, while the trade surplus narrowed sharply in June—reinforcing expectations of a rate cut next month. Markets now price in an 80% chance of a 25bps cut in August, though investors believe the easing cycle may be nearing its end. Traders will be closely watching RBNZ Chief Economist Paul Conway’s speech on the economic impact of tariffs on Thursday, which could offer further insight into the likelihood of an August rate cut.

周三早盘交易中，新西兰元50指数下跌12点，跌幅0.1%，至12821点，标志着连续第二个交易日下跌。下跌的主要原因是金融、公用事业和医疗保健类股的下跌。周二宣布与菲律宾达成贸易协议后，美国与中国和欧盟等其他贸易伙伴之间的贸易谈判仍悬而未决，交易员们对此保持谨慎。随着市场消化周一的通胀数据，谨慎情绪也有所上升，该数据显示，通胀在季度基础上有所缓解，但在第二季度加速至2.7%的四季度高点。虽然这低于2.8%的预期，但仍在新西兰储备银行的1-3%目标范围内。在前两次会议保持利率稳定之后，最新的通胀数据降低了8月份会议降息的希望。早期失败者包括Delegat集团（-1.9%）、Infratil（-1.3%）、Briscoe集团（-0.8%）、Ebos集团（-0.4%）和澳新银行集团（-0.2%）。

The NZX 50 fell 12 points, or 0.1%, to 12,821 in early deals on Wednesday, marking its second consecutive session of decline. The drop was mainly driven by losses in financials, utilities, and healthcare stocks. Traders remained cautious amid lingering trade negotiations between the US and other trading partners such as China and the EU, following the announcement of trade deals with the Philippines on Tuesday. Caution also grew as markets digested Monday's inflation data, which showed that inflation eased on a quarterly basis but accelerated to a four-quarter high of 2.7% annually in Q2. While this was below expectations of 2.8%, it remained within the RBNZ’s 1–3% target range. The latest inflation data reduced hopes of interest rate cuts at the August meeting, after rates were held steady in the previous two meetings. Among early losers were Delegat Group (-1.9%), Infratil (-1.3%), Briscoe Group (-0.8%), Ebos Group (-0.4%), and ANZ Group (-0.2%).

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.