New Zealand’s benchmark S&P/NZX 50 index fell 0.4% to 12,684 on Monday, marking its fourth straight decline and closing at its lowest level in nearly four weeks, as investors focused on the impact of fresh US tariffs.
The US is set to raise tariffs on New Zealand products from 10% to 15% effective August 7, fueling concerns over economic fallout and putting New Zealand at a disadvantage in key exports.
Still, economists believe the effect will be manageable given strong commodity prices.
New Zealand officials are reportedly heading to Washington following last week’s announcement.
Meanwhile, adding to market caution was New Zealand’s Q2 unemployment data and upcoming trade and CPI figures from top trading partner China due later this week.
Across the board, losses were led by Gentrack Group (-3.2%), Sanford (-2.9%), and Fletcher Building (-2.7%).
Shares in consumer and distribution services also declined, with Vulcan Steel down 2% and SkyCity off 1%.