Wall Street falls as hopes dim for an end to US-Iran war, NZX retreats from record
Tuesday, 14 July 2026
Market Summary
US indices dropped on Monday after US President Donald Trump reimposed a blockade on Iran amid the Strait of Hormuz closure dilemma.
The S&P 500 declined 0.7%, the Nasdaq fell 1.5% and the Dow Jones traded down 0.3%.
Trump took to his Truth Social platform to say the Iranian blockade stopping Iran’s ships or customers from entering or leaving the strait had been reinstated, and that the US was now ‘THE GUARDIAN OF THE HORMUZ STRAIT’, sending the price of oil surging past US$80 per barrel.
The pan-European Stoxx 600 traded flat on Monday, as most exchanges in the region were subdued, following renewed tensions in the Middle East.
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The latest US-Iran strikes dimmed hopes for an imminent end to the war, rattling Wall Street and Asian markets, which were also impacted by a decline in memory chipmakers.
South Korea’s tech-heavy Kospi once again led declines in Asia with a 9%, prompting a trading halt. Japan’s Nikkei 225 declined 1.9% and China’s CSI 300 lost 1.8%
Back here, New Zealand’s S&P/NZX50 reflected a re-escalation of geopolitical fears, dropping 0.45% after a record session at the former close. Just 13 stocks gained while 32 stocks fell.
In the business day, the Government announced another “fix” to encourage supermarket competition. 2 Cheap Cars’ majority shareholder made a bid for the whole company, sending its shares up 18.18%, while Fonterra lowered its milk price forecast. Medicinal cannabis firm Rua Bioscience signed a major sales and distribution agreement with one of the UK’s largest medicinal cannabis businesses, in a deal expected to generate more than NZ$10 million. Its shares soared, up 44.83%.
Other gainers on the main board included WasteCo, up 14.29%, Bremworth gained 5.80% after the company’s news last week; ArborGen rose 2.94%.
Decliners included PaySauce, down 13.21%. It reported an 11% year-on-year increase in processing fee revenue in its first quarter, but also needs lots of cash to grow further in Australia. SkyCity dropped 4.67%, Black Pearl Group fell 4.42%, Delegat Group retreated 4.21% and Manuka Resources lost 3.77%.
The S&P/ASX 200 ticked up just 0.03% on Monday. Medtech Mesoblast rose 4.91% on a positive performance update, while transport energy supplier Ampol advanced 4.17% after it closed a wholesale offering for a new A$400 million debt facility.
While we slept
Britain has inked a landmark trade deal with Switzerland for the crucial services sector, expected to give a multibillion-dollar boost to British exports and ease travel between the two nations.
The services free trade agreement with Switzerland is the sixth trade deal struck by the UK in two years, and comes as part of wider plans by the Labour Party to seek closer ties with Europe following Brexit.
A separate agreement will allow those travelling between the two nations to use e-gates to speed up airport waiting times, and scraps data roaming charges for visitors.
The UK government described the deal as the “most significant trade agreement for services” ever concluded by the country, and estimates it will unlock £5.2 billion ($12.10 billion) a year in additional exports to Switzerland.
Both economies are heavily dependent on the services industry, which contributes 81% of UK GDP and 83% of employment, per government figures.
What’s up today
In today’s The Post, Dita De Boni reports the big tech dependency deficit must be addressed at election: Catalyst IT, Miriam Bell reports Auckland to be headquarters for premium travel firm’s Asia-Pacific expansion and Tom Pullar-Strecker reports ACT leader David Seymour puts emphasis on removing supermarket ‘red tape’, while Hipkins stresses importance of wholesaling. In today’s Global Read, AP reports a week of economic data paints a mixed picture for the US consumer, Martin Hawes writes Turning your house into a late-life money-maker and Alexandra Vranyac-Wheeler writes electrifying New Zealand is great - but no workforce means no power.
Stats NZ’s latest international migration & travel data for May is due out today, and Green Cross Healthcare will hold its annual general meeting for shareholders. Chatham Rock Phosphate is scheduled to hold a special shareholder meeting.