Equities in New Zealand edged up 12 points, or 0.1%, to 12,806 in morning trade on Thursday, attempting to rise after falling in the previous two sessions. The NZX 50 tracked a rally on Wall Street overnight following trade deals between the US and the EU, which came after a similar agreement with Japan. The result raised hopes of a further detailed trade agreement with China, New Zealand's top trading partner. Scott Bessent’s denial that Trump would replace Powell also strengthened market sentiment. However, caution was building ahead of a speech by Reserve Bank of New Zealand Chief Economist Paul Conway, which could guide the monetary policy decision in August after Monday’s inflation data and the impact of new US tariffs on inflation. Communication services, financials, and consumer discretionary mainly drove the index, with notable gains from Skellerup (1.5%), South Port of New Zealand (1.0%), Summerset Group (1.0%), Turners Automotive Group (0.9%), and Port of Tauranga (0.6%).