The NZX 50 edged up in early trade on Thursday to around 12,778, following a muted prior session, after Wall Street’s S&P 500 notched a second consecutive record close on Wednesday. Sentiment was lifted by expectations of a possible US Federal Reserve rate cut as early as next month and mostly upbeat corporate earnings. In China, New Zealand’s largest trading partner, Beijing announced plans to subsidize consumer loan interest, with 90% covered by the central government and 10% by provinces. Domestically, markets are pricing in a 90% chance the RBNZ will cut its 3.25% cash rate by 25bps at next week’s meeting. Gains were tempered by caution ahead of New Zealand's food inflation for July and business PMI data due Friday. Consumer and energy mineral stocks led the advance, with notable gains from Sky Network TV (2.0%), Restaurant Brands NZ (1.7%), Channel Infrastructure (1.4%), and Delegat Group (1.3%).