New Zealand shares were flat with a positive bias on Monday's close amid progress in the trade standoff between the US and Canada.

The S&P/NZX 50 Index was little changed to close at 12,602.82.

Canada scrapped its digital services tax on US tech companies on Sunday, hours before it was due to take effect, to advance stalled trade talks with the US, according to a Monday Reuters report.

Also, Wall Street touched record highs on Friday's close, boosting investor sentiment as the US's trade war against multiple trade partners seems to be easing.

"With the US at all-time highs, everyone's happy. Markets are in a good place. That's the time to be a little bit more wary. Valuations do matter. Geopolitical issues are still around, and tariff negotiations are still ongoing. So I do think one needs to have a degree of caution in the way they're looking at markets at the moment.", said Joshua Crabb, head of Asia Pacific equities at Robeco, as quoted by Bloomberg.

In domestic news, the total business count across New Zealand fell to 591,693 in May from 596,721 in April, according to data from Stats NZ on Monday.

Also, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.1% month on month to 2.4 million in May after dropping 0.3% in April, data from Stats NZ showed on Monday.

Further, the ANZ New Zealand Business Outlook showed that business confidence rose 9 points to 46%, while expected own activity rose 6 points to 41% in June as concerns over global tariffs eased, according to a report from ANZ Research published Monday.

Moreover, housing and personal consumer lending in New Zealand grew to NZ$391.91 billion in May from NZ$389.77 billion in April, according to data from the Reserve Bank of New Zealand released on Monday.

Meanwhile, debt levels in the New Zealand local government sector will climb as councils pursue large capital expenditure programmes, while revenue adjustments will allow operating performance to offset much of the greater debt burden, Fitch Ratings says in a new report.

In corporate news, Radius Residential Care (NZE:RAD) repurchased 100,000 fully paid ordinary shares at NZ$0.335 per share in an on-market buyback.

Private Land and Property Fund (NZE:PLP) manager, Booster Investment Management, said it will buy back up to 70,000 of the company's units via the New Zealand Exchange on July 1 at a price not exceeding the latest net asset value.