New Zealand shares rose on Tuesday's close as the global markets welcomed a US-China trade deal.

The S&P/NZX 50 Index rose 109.99 points or 0.87% to close at 12,786.74.

On Wall Street, the benchmark S&P 500 index gained 3.26% to end at 5,844.19, while the Nasdaq Composite rose 4.35% to close at 18,708.34. The Dow Jones index climbed 2.81% to settle at 42,410.10.

"The real win here was the shift in tone from both the U.S. and China. Words like 'mutual respect' and 'dignity' mark a sharp departure from the recent confrontational rhetoric, and that's what markets are cheering," said Charu Chanana, chief investment strategist at Saxo in Singapore, as quoted by Reuters.

On the local macroeconomic front, Supplier costs for Foodstuffs supermarkets rose 2% in April year on year, driven by dairy and meat products, according to the Foodstuffs New Zealand Grocery Supplier Cost Index from Infometrics.

Also, New Zealand's light traffic rose 0.6%, while heavy traffic rose 2.7% in April from the prior month, according to ANZ's Truckometer index published Tuesday.

Moreover, New Zealand's national residential property values rose by an average of 0.1% in the three months to April, according to the latest QV House Price Index released Tuesday.

In corporate news, Precinct Properties NZ Ltd & Precinct Properties Investments Ltd (NZE:PCT) declared cash dividends for the third fiscal quarter, according to a Tuesday filing with the New Zealand bourse.

Vista Group International (NZE:VGL, ASX:VGL) secured an agreement for its Digital Enablement product with UK-based Picturehouse Cinemas, according to a Tuesday filing with the Australian and New Zealand bourses.