New Zealand shares extended their losses, while Asian peers rebounded as China bared its new economic targets in the context of a global tariff war.

The S&P/NZX 50 Index was down 0.5%, or 57.64 points, to close at 12,412.07.

Electronic technology stocks led the decline, followed by utilities and industrial services.

Shares in Asia were mostly higher, with Hong Kong's Hang Seng climbing 1.7%, Japan's Nikkei 225 gaining 0.7%, and the Shanghai SSE up 0.3%.

Shares on Wall Street retreated overnight, with the Dow Jones Industrial Average down 1.6%, the S&P 500 dropping 1.2%, and the Nasdaq Composite losing 0.4%. Investors continue to assess the impact of US tariffs, which have so far triggered retaliation from Canada.

Meanwhile, China has set a gross domestic product growth target of "around 5" for 2025, in line with the prior year's figure, as the economy faces steep tariffs from the US. Beijing has also pledged 300 billion yuan in consumer subsidies.

In domestic news, Reserve Bank of New Zealand Governor Adrian Orr has resigned in a broadly unexpected decision. Orr, who was first appointed to the role in March 2018, will finish in the position on March 31. Deputy Governor Christian Hawkesby will be the acting governor until then and chair the monetary policy committee.

In corporate news, Oceania Healthcare (ASX:OCA, NZE:OCA) climbed almost 5% after it reported that new sales volumes increased 29% and resales volumes rose 6% in the third quarter of the fiscal year compared with the prior-year period.

Elsewhere, Air New Zealand (NZE:AIR, ASX:AIZ) reported a 3.1% year-on-year decline in group capacity in January due to lower aircraft availability.