Jakarta. Global stocks staged a strong rally Thursday after US President Donald Trump announced a 90-day suspension on his planned tariff hikes, sparking relief across world market --though China remains excluded from the reprieve.

Japan’s Nikkei 225 led the gains with a 9.1 percent surge to 34,609.00, while European benchmarks jumped sharply in early trading. Germany’s DAX climbed 5.6 percent to 20,776.76, France’s CAC 40 rose 5.4 percent to 7,235.21, and the UK’s FTSE 100 gained 4 percent to 7,983.37.

Australia’s S&P/ASX 200 closed 4.5 percent higher, South Korea’s Kospi advanced 6.6 percent, and Hong Kong’s Hang Seng Index gained 2.1 percent. In mainland China, markets posted more modest gains, with the Shanghai Composite up 1.2 percent as investors weighed fresh tariff escalations between Beijing and Washington.

In Indonesia, the Jakarta Composite Index (JCI) soared 4.8 percent to 6,254.02, snapping a two-day decline. The rally was also fueled by a recent regulatory easing that allows listed companies to conduct share buybacks without shareholder approval. According to the Financial Services Authority (OJK), 19 issuers have initiated buybacks since the rule took effect on March 19, totaling trillions of rupiah.

Still, US futures pointed to a more cautious open. S&P 500 contracts were down 2 percent, while Dow Jones futures slipped 1.6 percent. Analysts attributed the pullback to lingering uncertainty.

“Everything is still very volatile. With Donald Trump, you don’t know what to expect,” said Francis Lun, CEO of Geo Securities. “The threat of recession has not faded.”

Trump, in a social media post, said, “I have authorized a 90-day PAUSE,” referring to the global trade reprieve. He said more than 75 countries are in negotiations and refraining from retaliatory measures. China, however, is an outlier—Trump confirmed that tariffs on Chinese goods will rise to 125 percent.

In commodities, US crude fell $1.62 to $60.73 per barrel, while Brent slid $1.67 to $63.81.

In currency markets, the dollar weakened to 146.37 yen from 147.38. The euro strengthened to $1.1038, up from $1.0954.