Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 1806 GMT

EQUITIES

GLOBAL - Major stock indexes extended sharp declines and the dollar weakened further in midday Thursday trading, with the Nasdaq down more than 5% as investors remained skittish, a day after U.S. President Donald Trump's move to temporarily lower tariffs on many countries caused a massive relief rally.

MSCI's gauge of stocks across the globe EURONEXT:IACWI fell 13.46 points, or 1.71%, to 771.82.

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NEW YORK - Wall Street's main indexes tumbled on Thursday on concerns over the impact of high U.S. tariffs on global economy, with stocks pulling back sharply from the day-ago gains when President Donald Trump moved to pause the levies on some countries.

At 12:19 p.m. ET, the Dow Jones Industrial Average DJI fell 1,872.86 points, or 4.61%, to 38,735.59, the S&P 500 SPX lost 298.72 points, or 5.45%, to 5,158.18 and the Nasdaq Composite IXIC lost 1,091.78 points, or 6.38%, to 16,033.20.

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LONDON - European shares jumped on Thursday, with most indexes recording their biggest one-day gains since 2022, after U.S. President Donald Trump's pause on reciprocal tariffs for most trading partners prompted a huge relief rally following a brutal selloff.

The pan-European STOXX 600 SXXP leapt 3.7%, and major regional bourses jumped between 3% and 4.7%.

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TOKYO - Japan's Nikkei share average jumped 9% on Thursday as investors scooped up beaten-down stocks after U.S. President Donald Trump declared an immediate 90-day tariff pause for many countries.

The Nikkei NI225 rose 9.13% to 34,609 in its biggest daily gain since August 6.

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SHANGHAI - China and Hong Kong shares ended higher on Thursday, as investors played down the latest U.S. tariff increase on Chinese imports and pinned their hopes on talks between the world's two largest economies as well as on market and policy support from state firms.

China's blue-chip CSI300 Index 3399300 closed 1.3% higher.

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AUSTRALIA - 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 XJO ended 4.5% higher at 7,709.6 points, their best intraday percentage rise since March 2020.

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SEOUL - South Korean shares on Thursday posted their sharpest rally in more than five years as U.S. President Donald Trump hit a sudden pause on most tariffs.

The benchmark KOSPI KOSPI added 151.36 points, or 6.6%, to close at 2,445.06, logging the biggest percentage jump since March 24, 2020.

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FOREIGN EXCHANGE

NEW YORK - The U.S. dollar weakened against the yen, Swiss franc and euro on Thursday but also against more risk sensitive currencies such as the Australian dollar, as markets digested President Donald Trump's dramatic reversal on tariffs.

The U.S. dollar rebounded sharply against the safe-haven Swiss franc and Japanese yen on Wednesday.

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SHANGHAI - China's yuan hit its lowest against the dollar on Thursday since the global financial crisis, with the central bank cutting guidance for the sixth successive trading session amid an intensifying Sino-U.S. trade war.

The onshore yuan USDCNY slipped to 7.3518 a dollar in early trade, its weakest since December 26, 2007.

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AUSTRALIA - The Australian and New Zealand dollars were revived by a historic stock market rebound after U.S. President Donald Trump paused most of his reciprocal tariffs, but worryingly for the two Antipodeans, he said duties on China would rise to 125%.

The Aussie AUDUSD slipped 0.5% to $0.6121 on Thursday, having rallied 3.3% overnight - the biggest daily gain in 15 years - to bounce off a five-year low of $0.5912.

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SEOUL - The won was quoted at 1,456.4 per dollar on the onshore settlement platform USDKRW, 1.07% higher than Wednesday's close.

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TREASURIES

NEW YORK - U.S. Treasury yields dipped on Thursday, after a solid 10-year note auction and pause in some trade tariffs on Wednesday helped the market stabilize from a sharp bond market selloff earlier this week.

The 10-year note yield US10Y was last down 4.7 basis points on the day at 4.349%.

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LONDON - Euro zone government bond yields steadied on Thursday following a steep climb earlier after the U.S. administration said it would temporarily lower U.S. tariffs to bring countries to the bargaining table.

Germany's 10-year yield (DE10YT=RR), the euro area's benchmark, edged up 0.5 bps to 2.585% afterclimbing to 2.715% earlier in the session.

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TOKYO - Japanese government bonds were sold on Thursday as investors moved money back to stocks and cheered U.S. President Donald Trump's reversal of some of his heaviest import tariffs.

The benchmark 10-year JGB yield (JP10YTN=JBTC) rose 6.5 basis points (bps) to 1.335% in afternoon trade.

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COMMODITIES

GOLD - Gold prices jumped nearly 3% to an all-time high on Thursday, as a drop in the dollar and an escalating trade war between the U.S. and China drove investors towards the safe-haven allure of the precious metal.

Spot gold GOLD climbed 2.8% to $3,168.26 an ounce at 11:32 a.m. ET (1532 GMT).

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IRON ORE - Iron ore futures rebounded on Thursday, as an escalating Sino-U.S. trade war lifted hopes of more aggressive stimulus measures from Beijing to counter the impact of the hefty tariffs.

The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) TIO1! closed daytime trade 3.06% higher at 707 yuan ($96.30) a metric ton, after falling to its lowest in more than six months on Wednesday.

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BASE METALS - Copper and other base metals prices rebounded sharply on Thursday along with other risk assets after most U.S. tariffs were paused for 90 days.

Benchmark three-month copper HG1! on the London Metal Exchange (LME) gained 3.8% to $8,939 per metric ton by 1615 GMT.

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OIL - Oil prices fell by nearly $3 per barrel on Thursday, wiping out the prior session's rally, as investors reassessed the details of a planned pause in sweeping U.S. tariffs and focus shifted to a deepening trade war between Washington and Beijing.

Brent crude futures BRN1! fell $2.77, or 4.2%, to $62.71 a barrel.

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PALM OIL - Malaysian palm oil futures jumped on Thursday, erasing the previous session's losses, tracking stronger rival oils at Dalian and supported by data from Malaysian Palm Oil Board (MPOB) that showed a rise in March inventories.

The benchmark June palm oil contract FCPO1! on the Bursa Malaysia Derivatives Exchange gained 53 ringgit, or 1.28%, to 4,201 ringgit ($940.66) a metric ton at the close.

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RUBBER - Japanese rubber futures jumped on Thursday, recovering from the previous day's drop, as U.S. President Donald Trump's abrupt decision to pause tariffs for 90 days offered relief to investors.

The Osaka Exchange (OSE) rubber contract for September delivery TRB1!, TRB1! finished 14.7 yen, or 5.2%, higher at 298.1 yen ($2.04) per kg.

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