The NZX 50 was almost flat, hovering around 12,604 in morning trade on Thursday after gaining in the previous session, as gains in materials, energy, and consumer staples offset declines in financials, utilities, and industrials. Traders remained cautious amid tariff uncertainty in US-China trade deals after two days of negotiations, and they continued to monitor developments following the framework agreement between the two countries. On a positive note, lower-than-expected US inflation reduced bets on an interest rate hike. On the data front, New Zealand's electronic card spending unexpectedly rose 0.9% yoy in May, beating expectations of a 0.3% decline and rebounding from a 0.3% drop in April. In the US, Wall Street closed in the red overnight as optimism about the US-China trade deal faded amid a lack of clarity about tariffs. Among individual shares, ANZ Group fell 1.1%, Fletcher Building dropped 1.8%, while Westpac Banking Corp. and A2 Milk rose by 0.6% and 0.4%, respectively.