AU Morning Wrap | Trump suspends tariffs for 90 days, ASX 200 rallies strongly

The $Nasdaq Composite Index (.IXIC.US)$ had its second-largest one-day percentage increase ever and the largest since 2001, rising 12.2% to close at 17,124.97. $S&P 500 Index (.SPX.US)$ saw its biggest one-day percentage gain since 2008, increasing by 9.5% to 5,456.90.

$Dow Jones Industrial Average (.DJI.US)$ also had its best one-day percentage rise since 2020, adding 7.9% to reach 40,608.45.

The $S&P/ASX 200 (.XJO.AU)$ leapt 5.6% to 7,784.5 points in the first 23 minutes of trade. Australian stocks opened soaring after President Donald Trump's decision to suspend reciprocal tariffs on more than 75 countries, including Australia following Trump's claim of a 10 percent tariff on Australia.

Mining stocks jumped 5%, driven by $BHP Group Ltd (BHP.AU)$ and $Mineral Resources Ltd (MIN.AU)$ were up 7.3% and 16%, respectively. Banks also gained, with $CommBank (CBA.AU)$ rose 5.3%.

As of the latest data, $Bitcoin (BTC.CC)$ is priced at $82,943.82, rose 8.63% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $1,658.02, up 13.29% over the previous 24 hours.

$Qube Holdings Ltd (QUB.AU)$ rose 5.2% after the ACCC approved its A$333 million acquisition of a Melbourne terminal, but the deal is conditional due to competition concerns.

$Westpac Banking Corp (WBC.AU)$ is opening three new banking service centers in New South Wales, Victoria, and Tasmania to invest in regional Australia.

$Patriot Battery Metals Inc (PMT.AU)$ discovered high-grade cesium pegmatite with over 20% cesium oxide at its Shaakichiuwaanaan project in Canada, as reported in an Australian stock exchange filing.

Vector Capital's takeover of $Bigtincan Holdings Ltd(Delisted) (BTH.AU)$ is now legally effective, and BigTinCan's shares have been suspended from trading as of today's market close.

$Galan Lithium Ltd (GLN.AU)$ is considering an equity raise shortly after receiving a $US150 million unsolicited bid for its key projects.