NZ shares fall as US, China in focus NEW Zealand shares fell as the prospect of a winding down of US stimulus and weak Chinese manufacturing weighed on equity markets across Asia. The NZX 50 Index fell 21.122 points, or 0.5 per cent, to 4589.059. Within the index, 37 stocks fell, eight rose and five were unchanged. Turnover was $189 million. Stocks were weaker across Asia after HSBC's purchasing managers' index showed a preliminary reading of 49.6 in May, the first contraction in seven months. Meantime, Federal Reserve chairman Ben Bernanke told the Joint Economic Committee of Congress yesterday that the Fed may reduce stimulus if the US economy shows more strength. Winding back monetary policy in the US "changes the interest rate and exchange rate outlook for much of the world," said Angus Gluskie of White Funds Management in Sydney. That has an impact on stocks. Westpac fell 4.1 per cent to $35.87 on the NZX, while Australia & New Zealand Banking Group declined about 4 per cent to $33.99 and AMP fell 3 per cent to $6.42 as the Chinese data added to the weight on Australian equities. Among other Australian firms with shares on the NZX, Telstra fell 2.4 per cent to $6. Guinness Peat Group fell 3.9 per cent to 50 cents after Chairman Rob Campbell told shareholders in Auckland the investment firm will have to keep certain corporate functions at GPG for longer than it intended as it figures out what level of funding it will have to provide for the Coats pension schemes. Comvita, which produces health products from manuka honey and olive leaves, rose 2.7 per cent to $3.85 after posting a 10 per cent decline in full-year profit, beating its own guidance. Xero, the cloud-based accounting firm, rose 0.3 per cent to $13.84 after posting an annual loss of $14.4 million, in line with guidance, while lifting operating revenue 102 per cent. Fisher & Paykel Healthcare was the biggest bright spot, rising 5.6 per cent to $3.20 after the maker of respirators said it expects to beat analysts' estimates for 2014 profit. Ryman Healthcare rose 1.1 per cent to a new record close of $6.65. Rakon tumbled 16 per cent to 21 cents after posting a full-year loss of $32.8 million and writing down its Chinese and New Zealand units. Telecom declined 1 per cent to $2.38 and Contact Energy fell 1.5 per cent to $5.20.