Aussie shares score best day in 5 years as Trump halts tariff train

ReutersApr 10, 2025 7:03 AM

AXJO logs best day since March 2020
Miners gain 6.4%
IT stocks, energy stocks add more than 5%
NZ shares see steepest one-day percentage rise in nearly 5 years

By Rajasik Mukherjee

April 10 (Reuters) - Australian shares rebounded on Thursday to log its strongest trading session in half a decade after U.S. President Donald Trump hit pause on reciprocal tariffs, giving battered markets a much-needed break.

The S&P/ASX 200 index .AXJO ended 4.5% higher at 7,709.6 points, their best intraday percentage rise since March 2020. The benchmark had lost 1.8% on Wednesday.

Equities in Australian soared as much as 6.3% during the day, but soon lost steam as uncertainty over tariff policies seeped in.

In a stunning U-turn just hours after the tariffs took effect, Donald Trump announced to temporarily lower the hefty duties for dozens of nations, while further ramping up pressure on China, sending global stocks rocketing higher.

The move to raise tariffs on Chinese imports to an eye-watering 125% came after the world's second-largest economy retaliated by raising its duties on U.S. goods to 84%.

Jessica Amir, a market strategist with Moomoo Australia, said, "Happy days, right? Well, just be cautious. It's just a pause, not a ban. Negotiations are expected to take place... expect concern around China-facing stocks in particular."

In Sydney, miners .AXMM recovered some of their previous sessions' losses to end 6.4% higher - their best day since March 2020. BHP BHP.AX rose 5.7%, while Rio Tinto RIO.AX gained 6.1%.

Financials .AXFJ added 4.4%, with the "Big Four" banks rising between 3.4% and 5%.

Energy stocks .AXEJ were up 5.2%, with sector major Woodside Energy WDS.AX adding 4.7%.

IT stocks .AXIJ jumped 7.6% to their best day since February 2022, led by a 8.4% rise in WiseTech WTC.AX.

Real estate .AXRE and health stocks .AXHJ echoed the market trend to gain 4.7% and 3.6%, respectively.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 3.3% to 12,201.43 points, in its best day in nearly five years.

For more information on DIARIES & DATA: U.S. earnings diary  RESF/US   Wall Street Week Ahead   .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets          NEWS1

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.