New Zealand shares fell Wednesday, while Asia-Pacific equities traded mixed as investors weighed China's retaliation against US tariffs.

The S&P/NZX 50 Index was down 0.5%, or 60.45 points, to close at 12,844.59.

Health technology stocks led the decline, followed by industrial services and distribution services.

Asia-Pacific peers were mixed, with Hong Kong's Hang Seng down 0.5%, Australia's ASX 200 up 0.5%, and Japan's Nikkei 225 flat. Returning from a long break, Chinese equities were in the red with the Shanghai SSE down 0.4%.

Overnight, Wall Street shrugged off China's countermeasures against US tariffs as equities climbed. The Nasdaq Composite jumped 1.4%, the S&P 500 rose 0.7%, and the Dow Jones Industrial Average gained 0.3%.

On Tuesday, China announced additional tariffs of 15% on imported coal and liquefied natural gas from the US, as well as 10% tariffs on crude oil, agricultural machinery, large-displacement cars, and pickup trucks. These duties will take effect Feb. 10.

Bank of America Research analysts said China's response "leaves room for potential negotiations," although US President Donald Trump said Tuesday he was in "no rush" to speak with China President Xi Jinping.

In domestic news, the unemployment rate jumped to 5.1% in the December 2024 quarter from 4.8% in the preceding three-month period, in line with expectations, Stats NZ data showed Wednesday.

In corporate news, Air New Zealand's (NZE:AIR, ASX:AIZ) group capacity dropped 1.2% year on year in December impacted by lower aircraft availability due to maintenance requirements.

SKY Network Television (NZE:SKT, ASX:SKT) Chief Financial Officer Ciara McGuigan has resigned, effective immediately. She will be succeeded by Andrew Hirst in an interim capacity. The company's shares finished more than 1% lower.