Asia
New Zealand Shares Flat; Taiko Critical Minerals Secures Nearly NZ$8 Million in Capital Raise
New Zealand shares ended flat and Asian shares were mixed on Wednesday after a sell-off on Wall Street as US-Iran peace talks continue to stall.The S&P/NZX 50 Index was little changed to close at 12,770.30.On Tuesday, the S&P fell 0.5%, the Nasdaq lost 0.9%, and the Dow Jones decreased 0.05%.The United Arab Emirates will leave the Organization of the Petroleum Exporting Countries on Friday, in a move that Rystad Energy said makes the cartel "structurally weaker."In domestic news, Reserve Bank of New Zealand Governor Anna Breman said New Zealand cannot avoid being "buffeted" by global forces stemming from the Middle East conflict, with the impact to be felt differently across sectors, regions, and households, according to a statement.Further, house prices in New Zealand rose 0.8% in the three months to March, but are forecast to fall by 2% over 2026, ANZ saidAlso, New Zealand saw NZ$54.7 million wiped from property asking prices in the first quarter as sellers priced at levels closer to what buyers expect to pay, according to a Wednesday report from realestate.co.nz.Meanwhile, total new residential mortgage lending in New Zealand rose to NZ$9.5 billion in March from NZ$6.64 billion in February, according to data from the Reserve Bank of New Zealand released on Wednesday.Finally, New Zealand's first-quarter unemployment rate is expected to remain steady at 5.4%, slightly lower than the previous forecast of 5.5%, according to a report by ANZ released on Wednesday.In corporate news, Taiko Critical Minerals (NZE:TCM) reported strong progress in the March quarter, securing NZ$7.9 million through a rights issue and shortfall placement.Rua Bioscience (NZE:RUA) said the Australian market has experienced "significant contraction" in medical cannabis prescribing volumes amid a Therapeutic Goods Administration review of the safety of unapproved products.
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