Australian shares ended flat with a positive bias on Thursday, tracking Wall Street markets, after a US trade court blocked most of President Donald Trump's global tariffs.

The S&P/ASX 200 Index was little changed to close at 8,409.8.

A panel of three judges at the US Court of International Trade said Trump wrongly used an emergency law to justify most of his global tariffs, including increased fentanyl-related tariffs on China, Canada, and Mexico, Bloomberg reported.

However, the Court did not specify how to unwind the tariffs, the report said.

"This might be considered a body blow, but it's not the final rendering," said Timothy Moe, the chief Asia Pacific equity strategist at Goldman Sachs Group, as interviewed by Bloomberg TV.

"There are number of other substitute acts that Trump administration could employ to maintain tariffs," Moe added.

On the domestic front, Private capital expenditure fell 0.1% quarter-over-quarter in the March quarter after an upwardly revised quarter-over-quarter rise of 0.2% in the fourth quarter of 2024, according to a report by ANZ Research.

Total new capital expenditure in Australia in seasonally adjusted terms fell 0.1% to AU$44.1 billion in the March quarter compared with the December 2024 quarter, data from the Australian Bureau of Statistics (ABS) showed.

National Australia Bank (ASX:NAB) said Australian regional and rural businesses remain strong and cautiously optimistic despite economic uncertainties and weather-related challenges.

In company news, Ebos Group (ASX:EBO, NZE:EBO) said major shareholder Sybos Holdings will reduce its stake in the company to 4.9% through a block trade agreement underwritten by an unnamed financial institution. Shares of the company fell 4% at market close.

Woodside Energy Group (ASX:WDS) said it is reviewing the proposed conditions linked to the Australian government's approval of the North West Shelf Project Extension to understand its applications. Shares rose 3% at market close.

The Australian Competition and Consumer Commission has raised preliminary concerns over Elders' (ASX:ELD) proposed acquisition of Delta Agribusiness, warning it could raise prices, lower quality, and reduce competition in the retail supply of rural merchandise.