New Zealand shares were flat with a positive bias on Monday after major Asian markets rose following a trade deal between the US and China.

The S&P/NZX 50 Index was little changed to close at 13,556.30.

US President Donald Trump said on Thursday that he and Chinese President Xi Jinping had reached an agreement to reduce tariffs on China in return for Beijing taking stronger action against the illegal fentanyl trade, resuming purchases of US soybeans, and maintaining exports of rare earth minerals, according to a Thursday Reuters report.

In domestic news, total lending in New Zealand by registered banks grew to NZ$593.15 billion in September from NZ$590.73 billion in August, according to data from the Reserve Bank of New Zealand.

Meanwhile, the Reserve Bank of New Zealand (RBNZ) said that the results of its 2025 bank stress tests showed that large banks are well placed to withstand and manage the impact of heightened geopolitical risks, according to a statement.

In corporate news, Precinct Properties NZ Ltd & Precinct Properties Investments (NZE:PCT) closed its share purchase plan (SPP) targeting NZ$25 million in new stapled shares after receiving applications of about AU$52 million.

a2 Milk Co. (ASX:A2M, NZE:ATM) completed the sale of its 75% stake in Mataura Valley Milk, alongside China Animal Husbandry Group's 25% share, to Open Country Dairy.