New Zealand shares mostly flat, Australian markets closed
New Zealand shares were largely flat on Monday, starting the week on a subdued note, with investors exercising caution despite signs of easing trade tensions between the US and China, while the Australian market was closed for a holiday.
The benchmark S&P/NZX 50 index fell 0.1% to 12,545.76 points, as of 0023 GMT.
The benchmark closed 1.2% higher last week. Following a highly anticipated call between the US President Donald Trump and Chinese leader Xi Jinping last week, the world's top two economies are set to conduct talks on Monday that aim to reduce the tariff disputes.
Uncertainties surrounding the sweeping US tariffs have been a major cause of concern for central banks around the world, including the Reserve Bank of New Zealand (RBNZ).
Last month, the country's top banker said sluggish demand and easing inflationary pressures prompted the bank to flag a slightly deeper easing cycle than forecast prior while tariffs continued to pose hurdles for any projections.
The RBNZ delivered a widely expected quarter point cut in borrowing costs at the end of May, underlining the rising economic risks from a sharp shift in US trade policies. Since then, New Zealand shares have appreciated about 1.4%.
Miners, banks lead Australian shares higher ahead of RBA rate decision
Among individual stocks, Skycity Entertainment jumped more than 5% and was among the top performers on the benchmark.
Morningstar wrote that it expects capital intensity for SkyCity to ease materially from fiscal year 2026 after New Zealand International Convention Centre, last of the company's major projects, opens early next year.
Meanwhile, Australian markets were closed on Monday due to a public holiday.
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