FX.co ★ New Zealand Shares Close Lower

On Tuesday, New Zealand's primary S&P/NZX 50 index experienced a decline of over 2%, concluding the day at 11,387. This drop came as investors returned from the long weekend, adopting a cautious stance following renewed criticism of the Federal Reserve by President Trump. Trump, on Monday, intensified pressure on Fed Chair Jerome Powell, hinting at his potential removal, thus raising alarms about the central bank's autonomy. On the domestic front, March trade data revealed a 19% year-on-year rise in New Zealand's exports, while imports increased by 12%. These figures resulted in a trade surplus of $970 million, marking the largest since the onset of the pandemic in 2020. Significant stock losses were observed across major companies, with Fisher & Paykel down 1.9%, Meridian Energy declining by 1.5%, Infratil falling 3.2%, Mainfreight dropping 5%, and Spark NZ decreasing by 3.6%.