European shares rose on Thursday after President Donald Trump of the United States announced an immediate 90-day pause on tariffs for many trading partners, prompting a massive relief rally following a days-long market rout.
DAILY POST reports that the suspension of punitive tariffs on dozens of countries came less than 24 hours after they were implemented.
Meanwhile, the White House maintained a 10 per cent blanket duty on almost all US imports.
The pan-European STOXX 600 jumped 7.2 per cent at 0709 GMT, after losing 12.5 per cent since the US reciprocal tariffs were imposed on April 2.
Also, trade-sensitive Germany's benchmark index rose 8.1 per cent.
Trump, however, further ramped up pressure on China by hiking the tariff on Chinese imports to 125 per cent from the 104 per cent level that took effect on Wednesday, in retaliation for China's announcement of an 84 per cent levy on US goods starting April 10.
All sectors, including banks, miners, and energy, which advanced by 10.1 per cent, 9.2 per cent and 9.3 per cent respectively, were higher, with the most battered ones this month seeing the biggest gains.
On Thursday, a violent US Treasury selloff in previous sessions that had reignited fears of fragility in the world's biggest bond market also showed signs of easing.
Tesco fell 3.8 per cent after Britain's biggest food retailer warned that its profit would likely fall this year.
