FX.co ★ New Zealand Stocks Rise on US-China Trade Talks

New Zealand's S&P/NZX 50 index experienced a 0.6% uptick, closing at 12,497 on Wednesday, as it mirrored Wall Street's positive movement. This optimism was fueled by the announcement of an upcoming meeting between the U.S. and China, aimed at reducing trade tensions, with top officials from both nations set to convene in Switzerland over the weekend. Meanwhile, attention is now shifting towards the U.S. Federal Reserve's policy decision expected later today, with subsequent commentary from Fed Chair Jerome Powell anticipated. Domestically, New Zealand's unemployment rate remained unchanged at 5.1% in the first quarter, outperforming the anticipated 5.3%. Employment figures grew by 0.1%, aligning with forecasts. Nevertheless, other economic indicators suggested a weakening labor market, as wage growth decelerated more than anticipated. In corporate developments, Contact Energy secured regulatory approval for its acquisition of Manawa Energy in a transaction valued at $1.9 billion. Following this news, shares of Contact Energy dropped by 1.6%, while Manawa Energy's shares soared by 27.6%.