Most global markets are slowly recovering after massive losses yesterday. File photo. Photo: RNZ / Rebekah Parsons-King
The New Zealand share market has rebounded today, after billions were wiped out yesterday due to the volatility in financial markets caused by the US tariffs.
The benchmark NZX 50 rose 1 percent today after its worst session in more than five years yesterday.
Markets around the world have been hit by uncertainty after US President Donald Trump unveiled plans for sweeping tariffs.
Some local stocks regarded as vulnerable to the tariffs - including Fisher and Paykel Healthcare and Skellerup - remained under pressure today.
There have been similar gains across the Tasman, with the ASX up by about 2 percent in mid-afternoon trading.
Japan's Nikkei index also rose 6 percent on Tuesday, rebounding from a 18-month low hit in the previous session, after Trump and Japanese Prime Minister Shigeru Ishiba agreed to open trade talks.
Chinese blue chips climbed 1 percent, recouping a fraction of the more than 7 percent slide on Monday. Hong Kong's Hang Seng Index jumped around 2 percent after suffering the worst day since 1997 as a result of what the trading hub's leader called "ruthless" tariffs.
US stock futures also pointed higher after slumping to the lowest level in more than a year.
Indonesian markets were slammed, however, with stocks shedding 9 percent and the rupiah currency ploughing a record low as trading resumed on Tuesday after an extended holiday. Its central bank pledged to intervene, joining efforts by other global authorities to stem the rout in recent days.
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- Additional reporting by Reuters
