New Zealand shares were flat Wednesday, while Asian peers traded mixed after Wall Street struggled for direction in the wake of the latest imposition of US tariffs.

The S&P/NZX 50 Index was little changed at 12,913.95.

Consumer durables posted the largest increase, while electronic technology led stocks in the red.

In Asia, Hong Kong's Hang Seng soared 1.6%, while Japan's Nikkei 225 and the Shanghai SSE were flat.

Overnight, the Dow Jones Industrial Average gained 0.3%, while the Nasdaq Composite fell 0.4%. The S&P 500 barely moved.

The European Union said Tuesday that it would retaliate against the US' 25% tariffs on all steel and aluminum imports, potentially targeting products like whiskey and motorcycles, Financial Times reported. The European Commission is expected to hold a meeting with trade ministers on Wednesday.

In domestic news, the actual volume of ready-mixed concrete produced in New Zealand fell 6.2% year on year to 967,964 cubic meters in the December 2024 quarter, following a 5.5% decline in the prior three-month period, Stats NZ data showed Wednesday.

The Light Traffic Index rose 0.2% in January, in line with its flat trend, while the Heavy Traffic Index jumped 4.1% after a modest rise in the prior month, according to Wednesday data compiled by ANZ Research.

In real estate, residential property values rose further, with the QV House Price Index up 1.3% in the three months to January, data from the property valuation and services company showed Tuesday.

In corporate news, Genesis Energy (ASX:GEN, NZE:GEN) entered a non-binding heads of agreement with Mercury NZ (ASX:MCY, NZE:MCY), Meridian Energy (ASX:MEZ, NZE:MEL), and Contact Energy (ASX:CEN, NZE:CEN) to explore extending the operational life of Huntly Power Station's Rankine Units in New Zealand.

Meanwhile, Contact Energy will join the MSCI New Zealand Index effective as of close on Feb. 28.