New Zealand shares fell 13 points or 0.1% to 12,665 on Tuesday morning, extending losses for the fifth straight session amid a modest retreat in U.S. futures. Caution prevailed amid concerns over rising U.S. tariffs, especially after President Trump Monday warned of severe tariffs on Russia if a peace deal with Ukraine isn’t reached within 50 days. Investors also remained vigilant ahead of key Chinese data releases due later today, including June activity figures and Q2 GDP. On the domestic front, New Zealand’s services sector contracted for the fifth consecutive month in June, with activity remaining below the long-term average. However, losses were limited by stronger-than-expected Chinese trade data for June, as exports rose more than forecast and imports grew for the first time this year. Dragging the NZX 50 were declines in Sky Network Television (-2.64%), Skellerup Holdings (-2.2%), Summerset Group (-1.2%), and Fisher & Paykel Healthcare (-1.0%).