New Zealand shares closed a muted Friday session as the Trump administration hit pause on tariffs, sowing further uncertainties for investors ahead of the US jobs report.

The S&P/NZX 50 Index was flat at 12,399.78.

The benchmark index eked out a 0.1% gain over the past five trading days.

Shares in Asia were mixed, with Japan's Nikkei 225 down 2.1%, Hong Kong's Hang Seng up 0.5%, and the Shanghai SSE flat.

On Wall Street, the Nasdaq Composite plunged 2.6%, the S&P 500 fell 1.8%, and the Dow Jones Industrial Average dropped 1%.

The US decided to grant a one-month delay to tariffs on all imported products from Mexico and Canada that are under a free-trade agreement. This follows a tariff reprieve given to automakers, reflecting the rapidly evolving policies under the current administration.

Meanwhile, China's foreign ministry said Beijing "will definitely take countermeasures in response to arbitrary pressure" from the US, Xinhua News reported before noon on Friday, local time.

Outside the tariff talk, markets are awaiting the crucial US jobs data for February.

In domestic news, New Zealand's total official reserve assets rose to NZ$50.13 billion in February from NZ$47.31 billion in January, data from the Reserve Bank showed.

Property prices grew in February as the CoreLogic Home Value Index rose 0.3% to mark its strongest rise since January 2024, the real estate data and analytics provider reported Thursday.

In corporate news, Infratil (ASX:IFT, NZE:IFT) said the Dec. 31, 2024, independent valuation of its investment in Longroad showed a $133 million decline over the three months since Sept. 30, 2024. The company finished marginally higher.

SKY Network Television (ASX:SKT, NZE:SKT) fell past 2% after it disclosed that the final migration date to the new satellite is now set for mid-April.