Key Asian indices opened Thursday with notable recoveries — marking a reprieve for most after a week of turbulence and selloffs driven by fears of escalating trade wars and recessions.
In Japan, the Nikkei 225 was up 9% and the broader TOPIX index was up 8%. South Korea’s Kospi was up nearly 6%.
Taiwan’s Taiex index jumped 9.25% and Australia’s ASX 200 rose 4.6%.
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Key Chinese markets were also in the green, despite Trump’s decision to raise tariffs on Chinese goods to a cumulative total of 125%. The president alleged a “lack of respect” from Beijing to explain the latest hike, his latest broadside coming after China announced 84% reciprocal tariffs on U.S. goods on Wednesday.
Hong Kong’s Hang Seng Index climbed 3%, the Shanghai Composite Index jumped 1.29% and the Shenzhen Component Index rose 2.7%.
In Europe, the pan-continental STOXX 600 index jumped more than 7%.
Upon opening, Britain’s FTSE 100 climbed 6%, France’s CAC 40 6.4%, Germany’s DAX 8%, Italy’s FTSE MIB 7.5% and Spain’s IBEX 7.2%.
U.S. markets closed after major rebounds on Wednesday following Trump’s announcement that most of his sweeping tariffs would be paused.
The Dow Jones Industrial Average climbed 2,962 points, or 7.8%, marking the index’s best day since 2020. The S&P 500 jumped 9.5%, while the tech-heavy Nasdaq soared 12.1%.
U.S. stock futures dipped ahead of Thursday’s trading session. As of early Thursday morning, Dow futures were down 0.18%, S&P 500 futures down 0.45% and Nasdaq futures down 0.85%.
