US Imposes Tariffs on NZ, Global Markets See Mixed Performance

The United States has imposed new tariffs on New Zealand imports, citing concerns over forced labor. However, this move is seen as hypocritical, given that the US itself imports goods worth $170 billion annually that may be produced with forced labor. The NZX50 index dipped by 0.4% as of 3 pm, while the local equity market stayed soft throughout the day.

Japan's CPI inflation rose to a six-month high in June, but remained low at 1.7%. The country's private sector expanded to a five-month high in July, driven by a sharp rise in manufacturing production and an improvement in factory PMI. Australia also saw an increase in new factory orders in July, with improved demand conditions leading to a stronger expansion in output.

Meanwhile, swap rates jumped globally, with the NZ Government 10-year bond rate rising to 4.81%. The US 10-year yield also increased by 5 basis points to its highest level in 18 months. Bitcoin dipped by 1.1% to $65,070, while gold fell by $101 per ounce.