When he looked at Loki, he had mixed feelings. On the one hand, Loki was powerful and annoying. Even though he didn't have that much powerful strength, he was a tricky opponent. Even Nyarlathotep recognized his ability.
At the same time, he hated tricksters. They were cool to read. He had read a couple of stories about them, but now that he had to deal with them himself, he knew how annoying they could be.
Nyarlathotep told him to beware of Loki because he might have his own agenda. He didn't doubt it. He knew Loki must have a hidden intention, which was why he couldn't trust him completely.
However, there was no telling whether that intention would harm them or benefit them.
At the highest level, tricksters only needed to smile to confuse their opponents. The moment their enemy thought there was a hidden intention, they would overthink everything.
