10/04/2025 Daily Reports
Asian Shares Surge as Trump Puts Most Tariffs on Hold, Easing Market Fears
- Asian shares posted their biggest gain in over two years as US President Donald Trump instructed a 90-day pause on most of his wide-ranging reciprocal tariffs, easing fears of a global trade shock.
- The S&P 500 had its best day since the 2008 financial crisis, while US equity futures dipped modestly, pointing to ongoing volatility.
- China was the sole exception to the tariff ceasefire, with duties raised to 125%, fueling expectations of further economic stimulus from Beijing.
- Treasuries rallied after a chaotic bond selloff had fueled recession warnings. Markets breathed a sigh of relief, with European futures soaring and metals halting their worst losing streak in 25 years.
- Strategists foresaw volatility persisting despite the bounce as the shape and lifespan of Trump’s trade policy are unknown.
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