The NZX 50 was almost flat, trading around 13,584 in morning trade on Tuesday, as gains in materials and consumer staples offset falls in communication services and real estate. Traders turned cautious as global trade tensions intensified after US President Trump vowed to impose escalating tariffs from February 1 on several European countries, prompting investors toward safe havens. Caution was also built as China was set to decide on interest rates today. Domestically, traders anticipated the release of Q4 inflation data later this week to guide the RBNZ’s monetary policy decision, while also awaiting an announcement from Prime Minister Christopher Luxon, who is expected to announce the election date on Wednesday. On the data front, the private sector in New Zealand returned to expansion, mainly supported by rising new orders. Fletcher Building rose 2.6%, A2 Milk gained 1.9%, while Freightways Group and ANZ Group fell 0.8% and 0.5%, respectively.