New Zealand's Jobless Rate Hits Five-Year High Amid Economic Challenges; SHFE Tin Prices Stabilize

In the second quarter, New Zealand experienced a rise in unemployment to its highest point in nearly five years, reaching 5.2%, up from 5.1% in the first quarter, according to Statistics New Zealand. This increase, coupled with a 0.1% decline in employment, reflects ongoing economic pressures influenced by global trade uncertainties and tariff policies. The country's economy faces headwinds from trade tensions, notably the potential implementation of tariffs on pharmaceuticals and semiconductors by the United States, which could reach up to 250% for certain goods. Additionally, US tariffs on India and the EU are also expected to impact global trade dynamics. Amid these developments, the Reserve Bank of New Zealand (RBNZ) is anticipated to resume interest rate cuts in August, possibly reducing rates by 25 basis points to 3%, aiming to bolster economic growth. On the commodities front, SHFE tin prices have remained elevated and traded within a narrow range, closing at 266,900 yuan per metric ton with a modest 0.3% increase. The tin market is also affected by supply-side disruptions, especially in key regions like Yunnan, where ore supply tightens and some smelters maintain mainten...