European markets are up strongly at the open Thursday after Donald Trump decided to suspend for 90 days the imposition of retaliatory tariffs on dozens of U.S. trading partners, with the exception of China.

The pan-European Stoxx 600 index rose 7.04% shortly after the opening bell, with stocks across all sectors surging. Banking, technology and industrial stocks posted the biggest gains, rising 10%, 9.9% and 9.1% respectively.

In Germany, the DAX was up 8.03% at 21,260.50 points, in France the CAC 40 was up 6.43% at 7,304.59 points and in London the FTSE 100 was up 5.97% at 8,140.10 points.

In the European periphery, Spain’s IBEX 35 jumped 8.38% to 12,814.47 points and Italy’s FTSE MIB was up +8.43% to 35,456.00 points.

A dynamic rebound was recorded and the Athens Stock Exchange, with the General Index “climbing” by +5.96% to 1,619.41 points, with the high of the day at 1,653.24 points and the low of the day at 1,528.89 points.

Asia-Pacific shares in the Asia-Pacific region rose broadly in Thursday’s trading, with Japanese markets leading gains in the region.

The Nikkei 225 index rose 9.13%, while the broader Topix index rose 8.09% in the final hour of trading.

South Korea’s Kospi index rose 6.31%, while the small-cap Kosdaq gained 5.91% in the last hour of trading.

Australia’s S&P/ASX 200 index rose 4.54% to end the day at 7,709.60 points.

Oil prices fell about 1% as the Sino-US trade war intensified. Brent futures fell 1.1%, to $64.73 a barrel, while U.S. West Texas Intermediate crude lost 0.8% to $61.86. Benchmark indexes were 4% higher on Wednesday.

Gold rose more than 1% as investors continued to flee to the safe haven. The spot price of gold was up 1.2% at $3,119.18 per ounce.

In a volatile week for markets marked by sharp moves up and down, the pan-European Stoxx 600 closed the previous session down 3.5% at its lowest closing level since January 2024.

But later Wednesday, Trump temporarily reduced new tariffs on imports from most U.S. trading partners to 10% for 90 days – a sharp reversal from earlier comments in which he insisted the tariffs would not be lifted.

U.S. stocks rallied after Trump’s announcement, with the S&P 500 surging more than 9% during Wednesday’s session and posting the third biggest one-day rise since World War II.

The Dow Jones industrial average jumped 7.87% – its biggest percentage gain since March 2020 – and the Nasdaq Composite jumped more than 12%, marking the biggest single-day jump since January 2001 and the second-best day ever.

China, however, did not get a reprieve from the US president: He raised tariffs against the country to 125% after China said earlier in the day that it would raise tariffs on imports from the U.S. to 84%.