新西兰基准标普/纽交所50指数周一下跌0.4%，至12550点，结束了连续三天的上涨，因基础设施和房地产股拖累该指数。在美国对加拿大和墨西哥的关税将于周二生效之前，交易员们也保持谨慎。尽管确切水平仍不确定，因为美国商务部长霍华德·卢特尼克周日表示，特朗普总统将决定利率，并将情况描述为“不稳定”。在基础设施股中，Channel infrastructure和Infratil领跌，分别下跌2.1%和3.4%。房地产投资者Investore、Kiwi Property和Property for Industry下跌0.9%至1.9%。零售商Warehouse表现最差，在报告上半年销售额下降1.6%后暴跌8.1%。在经济方面，新西兰第四季度商品贸易条件环比增长3.1%，超过了市场预期的1.1%的增长。

New Zealand's benchmark S&P/NZX 50 fell 0.4% to 12,550 on Monday, snapping a three-day winning streak as infrastructure and real estate stocks weighed on the index. Traders also remained cautious ahead of US tariffs on Canada and Mexico, set to take effect Tuesday. Although the exact level remains uncertain as US Commerce Secretary Howard Lutnick said Sunday that President Trump will determine the rate, describing the situation as "fluid." Among infrastructure stocks, Channel Infrastructure and Infratil led losses, dropping 2.1% and 3.4%, respectively. Property investors Investore, Kiwi Property, and Property for Industry declined between 0.9% and 1.9%. Retailer Warehouse was the worst performer, plunging 8.1% after reporting a 1.6% drop in first-half sales. On the economic front, New Zealand’s merchandise terms of trade rose 3.1% quarter-on-quarter in Q4, surpassing market expectations of 1.1% growth.

在中国强劲的经济数据支撑下，新西兰元在经历了六个交易日的下跌后，周一稳定在0.561美元左右。中国是新西兰最大的贸易伙伴，在私人和官方调查中报告了强劲的制造业采购经理人指数。在欧元走强和缓解最新个人消费支出报告发布后对美国意外通胀飙升的担忧的推动下，美元走软也起到了提振作用。然而，由于贸易紧张局势升级，涨幅仍然有限，特朗普在上个月上调关税的基础上，从周二开始对中国进口商品加征10%的关税。他还证实，对加拿大和墨西哥商品征收25%的关税将于3月4日生效，这加剧了全球贸易战的担忧，继续给出口货币带来压力。在国内新闻方面，新西兰第四季度商品贸易条件环比增长3.1%，超过了市场预期的1.1%的增长。

The New Zealand dollar stabilized around $0.561 on Monday after six sessions of decline, supported by strong Chinese economic data. China, New Zealand’s largest trading partner, reported robust manufacturing PMI in both private and official surveys. A softer US dollar also provided a boost, driven by a stronger euro and easing fears of unexpected inflation spikes in the US following the latest PCE report. However, gains remained limited by escalating trade tensions, with Trump imposing an additional 10% tariff on Chinese imports starting Tuesday, on top of last month’s hike. He also confirmed 25% tariffs on Canadian and Mexican goods will take effect on March 4, adding to global trade war concerns that continue to pressure the export-exposed currency. In domestic news, New Zealand’s merchandise terms of trade rose 3.1% quarter-on-quarter in Q4, exceeding market expectations of 1.1% growth.

在截至2024年12月的三个月里，新西兰的商品（货物）贸易条件环比增长3.1%，前一时期修正后增长2.5%，超过了市场预期的1.1%的增长。第四季度出口价格上涨3.2%，主要受肉类产品价格上涨的推动。与此同时，进口价格上涨了0.1%，因为石油和石油产品价格的下跌被其他类别的上涨所抵消。

The merchandise (goods) terms of trade in New Zealand rose 3.1% quarter-on-quarter in the three months to December of 2024, following a revised 2.5% increase in the previous period and surpassing market expectations of a 1.1% growth. Export prices climbed 3.2% in the fourth quarter, driven primarily by higher prices for meat products. Meanwhile, import prices increased 0.1%, as a decline in prices for petroleum and petroleum products was offset by a rise in other categories.

周一中午左右，新西兰元50指数下跌86点，跌幅0.7%，至12516点，停止了前三个交易日的上涨，并受到金融、非必需消费品和医疗保健股的拖累。在美国商务部长威尔伯·罗斯周日表示关税将于周二生效，但特朗普总统将决定是否坚持计划的25%水平后，交易员在对加拿大和墨西哥征收关税之前持谨慎态度。交易员还预计，在许多公司令人失望的盈利报告之后，12月的季度盈利结果。周五华尔街的强势会议未能提振市场情绪，因为美国参议院共和党人不顾赤字成本，提出了一项有争议的计划，使唐纳德·特朗普总统2017年的减税政策永久化，投资者仍对美国财政赤字感到担忧。最落后的是AFT制药公司（-1.9%）、斐雪派克（-1.4%）和埃伯斯集团（-1.1%）。

The NZX 50 dropped 86 points, or 0.7%, to 12,516 around noon on Monday, halting gains from the previous three sessions and weighed down by financials, consumer discretionary, and healthcare stocks. Traders were cautious ahead of the imposition of tariffs on Canada and Mexico after U.S. Commerce Secretary Wilbur Ross said on Sunday that tariffs would go into effect on Tuesday, but that President Trump would determine whether to stick with the planned 25% level. Traders also anticipated December quarter earnings results, following many companies' disappointing earnings reports. A strong session on Wall Street on Friday failed to lift sentiment, as investors remained concerned about the U.S. fiscal deficit following a controversial plan by U.S. Senate Republicans to make President Donald Trump’s 2017 tax cuts permanent, disregarding the cost to the deficit. Among the biggest laggards were AFT Pharmaceuticals (-1.9%), Fisher & Paykel (-1.4%), and Ebos Group (-1.1%).