Equity markets on both sides of the Atlantic rose strongly on Tuesday, reversing an earlier weak trend, after US President Donald Trump delayed some new tariffs on Chinese goods.

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 12, 2019 at Wall Street in New York City. (Photo: AFP)

The move gave stock market investors, buckling under a cocktail of global worries, hope that there may be some detente in an ongoing US-China trade war. 

Shortly after 1400 GMT on Wall Street, the DJIA index was up 1.6 percent and the tech-heavy Nasdaq nearly two percent, with European indices also rallying after the US said it would delay new tariffs on electronics from China to December 15.

Oil prices, a bellwether for the global economic growth outlook, also surged, with Brent oil up three percent.