New Zealanders eye lower tariffs among APEC trade partners, closer green energy cooperation with China

With the 33rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting set to take place next month in Shenzhen, China, residents of New Zealand have voiced clear expectations for the region's development agenda: freer trade with lower tariffs and an accelerated green energy transition.

This year's summit, slated for November 18-19, will bring together policymakers, business leaders, and academics from across the Asia-Pacific to chart the region's economic course, as global challenges such as trade protectionism and climate change call for cooperation among all countries.

Against this backdrop, China Global Television Network (CGTN) asked members of the New Zealand public about the priorities APEC leaders should pursue.

"I think it's really important that we focus on free trade [within] the Asia-Pacific region. Certainly, the tariffs for trade need to be reduced because that would really help the economy for [many] countries around the world," said Helena, a midwife.

"I would say definitely climate change for sure needs to be something that's looked at more closely," said Baily, a Gen-Z digital media planner.

Chris, an IT consultant, echoed Helena's call for freer trade.

"I think they should be focusing on developing trade within the Asia-Pacific region," he said.

CGTN also explored how Chinese-brand products have transformed people's life in the South Pacific nation.

Helena said Chinese mobile phones have brought the greatest change to her life: "Without a doubt, my mobile phone. Everyone has a mobile phone. Absolutely mobile phones."

John, a pensioner, says Chinese electric vehicles (EVs) have surged in popularity in New Zealand, offering affordable, low-emission alternatives that resonate with consumers conscious of both cost and the climate.

"Probably automotive. Chinese cars now are selling in great numbers in New Zealand and they're reliable. The price is competitive and they're selling an awful lot of them," he said.

Chris pointed to both: "I would say technology from the side of mobile phones and electric cars."

On which areas New Zealand and China should deepen cooperation, the residents highlighted sectors such as as green energy and agriculture.

They said China's rapid development in solar, wind and EV industries has positioned it as a global leader in the green energy transition -- a development that New Zealand residents see as an opportunity for knowledge-sharing and technology adoption.

"I think probably eco-energy, solar, wind, greener energy," Helena said.

"Certainly agriculture, horticulture, and timber," John said.

"Hopefully in the green energy transition, because China's adopted it quite heavily and I think they could help New Zealand out in the adoption of it here," said Chris.

"I'd say clean or green energy, to help with climate change. All of those things make a better planet for our grandkids," Baily said.

New Zealanders eye lower tariffs among APEC trade partners, closer green energy cooperation with China

U.S. stocks ended mixed on Thursday on renewed concerns around spending by artificial intelligence (AI) companies.

The Dow Jones Industrial Average rose 11.89 points, or 0.02 percent, to 52,867.98. The S and P 500 sank 93.74 points, or 1.21 percent, to 7,663.43. The Nasdaq Composite Index shed 694 points, or 2.6 percent, to 26,008.86.

Six of the 11 primary S and P 500 sectors ended in green, with consumer staples and utilities leading the gainers by going up 3.11 percent and 1.98 percent, respectively. Meanwhile, communication services and technology led the laggards by losing 3.01 percent and 3 percent, respectively.

U.S. Treasury yields tumbled on Thursday as investors sought safety in government bonds. The benchmark 10-year Treasury yield fell more than 17 basis points to 4.957 percent, its lowest in almost a month and its largest single-day drop of the year. The 30-year yield eased over 12 basis points to around 5.28 percent.

Oil prices surged on escalating Middle East tensions. Brent crude futures settled at 113.17 U.S. dollars a barrel, up 4 percent and the highest since May, while West Texas Intermediate crude rose 2.39 percent to 99.47 dollars a barrel. The gains followed more Houthi attacks on Saudi targets and reports that the United States and Israel are drawing up plans for strikes on Iran after the Nov 3 U.S. midterm elections.

On the corporate front, Meta Platforms sank about 7 percent despite reporting third-quarter revenue of 64.6 billion dollars, up 26 percent from a year earlier and above Wall Street expectations. Tesla fell over 3 percent after reporting adjusted earnings of 48 cents a share that beat expectations, but flat revenue of 28 billion dollars and a cut to its 2026 capital-spending forecast to about 20 billion dollars. SpaceX tumbled over 9 percent, more than erasing Wednesday's rally after its first profitable quarter.

Chip stocks were hammered. The Philadelphia Semiconductor Index plunged nearly 6 percent, with Lam Research down 11.76 percent after warning that supply-chain constraints would delay shipments, while Intel, AMD, Micron and Nvidia each fell more than 4 percent. GE Vernova slumped 10.64 percent as Meta's spending outlook stoked AI financing worries, and CoreWeave dropped more than 10 percent.

On the economic front, the number of U.S. citizens filing new claims for unemployment benefits fell 6,000 to a seasonally adjusted 194,000 last week, near 57-year lows and below economists' expectations of 200,000, pointing to a stable labor market. The Conference Board's leading economic index was unchanged in September at 99.6.

With the Federal Reserve in its pre-meeting quiet period, attention turned to its Oct 27-28 meeting, where traders largely expect policymakers to hold rates steady.

U.S. stocks end mixed as AI spending jitters spark tech sell-off