Global Shares Jump After U.S. Stocks Soared to Historic Gains When Trump Paused Most of His Tariffs

TOKYO — World markets soared on Thursday, with Japan’s benchmark jumping more than 9%, as investors welcomed U.S. President Donald Trump’s decision to put his sharp tariff hikes on hold for 90 days, though he excluded China from the reprieve.

In early trading, Germany’s DAX initially gained 5.6% to 20,776.76, while France’s CAC 40 in Paris gained 5.4% to 7,235.21. Britain’s FTSE 100 surged 4.0% to 7,983.37.

U.S. futures edged lower and oil prices also declined. Chinese shares saw more moderate gains, given yet another jump in the tariffs each side is imposing on each others’ exports.

Futures for the S&P 500 was down 2.0% while those for the Dow Jones Industrial Average edged 1.6% lower.

Read More: Is the U.S. Heading Into a Recession Amid Trump’s Tariffs? ‘Liberation Day’ Fallout Sparks Fresh Fears

Analysts had expected the global comeback given that U.S. stocks had one of their best days in history on Wednesday as investors registered their relief over Trump’s decision.

“Everything is still very volatile, because with Donald Trump, you don’t know what to expect. This is really big uncertainty in the big market. The threat of recession has not faded,” said Francis Lun, chief executive of Geo Securities.

In Asia, Japan’s benchmark Nikkei 225 jumped 9.1% to finish at 34,609.00, zooming upward as soon as trading began.

Australia’s S&P/ASX 200 soared 4.5% to 7,709.60. South Korea’s Kospi gained 6.6% to 2,445.06. Hong Kong’s Hang Seng added 2.1% to 20,681.78. The Shanghai Composite rose 1.2% to 3,223.64.

Investors went “from fear to euphoria,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary.

Read More: Trump Wants to Spin His Tariff Pause as a Win. It’s Not

“It’s now a manageable risk, especially as global recession tail bets get unwound, and most of Asia’s exporters breathe a massive sigh of relief,” he said, referring to the tariffs on China, which Trump has kept.

“I have authorized a 90 day PAUSE,” Trump said, saying more than 75 countries are negotiating on trade and not retaliating against his latest increases in tariffs. China was a huge exception, with Trump saying tariffs are going up to 125% against its products.

In energy trading, benchmark U.S. crude fell $1.62 to $60.73 a barrel. Brent crude, the international standard, declined $1.67 to $63.81 a barrel.

In currency trading, the U.S. dollar fell to 146.37 Japanese yen from 147.38 yen. The euro cost $1.1038, up from $1.0954.