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.