Economy

NZ sharemarket gains

The New Zealand sharemarket opened higher Wednesday in the wake of a rebound on Wall Street after a trade fear-fuelled sell off on Tuesday (NZ time)

The NZX 50 rose 60 points or about half a percent on opening, after finishing the last trading day down nearly 1.7 percent, in what was the worst single session for the index since mid-October last year.

The partial recovery followed the bounce that occurred on the US market overnight, as a result of China moving to stabilise its currency.

It was the depreciation of the yuan which sent markets into a spin, investors interpreting it as an escalation of the trade war with the US.

The US Treasury subsequently labelled China a currency manipulator, and China's central bank warned the move would damage world financial order and cause chaos on markets.

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