New Zealand shares rose on Wednesday as Asian markets tracked gains from Wall Street after a de-escalation between Trump and Fed Chair Jerome Powell relieved investors.

The S&P/NZX 50 Index rose 1.01% or 119.78 points to close at 11,956.47.

"I have no intention of firing him," Trump said on Tuesday, a statement that sent all major US indexes at least 4% higher.

Also, the US White House said it expects the tariffs imposed on China will soon be lowered "substantially" from the current rate of 145%, interest.co.nz reported.

In the local economy, New Zealand consumers' spending on ANZ-issued cards ticked up 0.1% month on month in March and by 0.6% compared with the year-ago period.

Meanwhile, credit card billings in New Zealand remained flat for a second consecutive month in March, with the total at NZ$4.6 billion.

In corporate news, Vector (NZE:VCT) reported total electricity network connections of 630,004 for the nine months ended March 31, up 1.3% year on year.

Millennium & Copthorne Hotels New Zealand (NZE:MCK) said its majority owner, CDL Hotels Holdings, raised its offer to NZ$2.80 per ordinary share from NZ$2.25 per share.