ASX bounces back from biggest drop in six months; US delays tariffs on Mexico, Canada; UBS upgrades News, cuts Nine

US markets stem bleeding after White House delays tariffs. ASX rebounds. Local household spending data beats estimates. Woolworths, Westpac announce leadership changes. Nine remains in 'difficult position': UBS.

US President Donald Trump's aggressive trade moves sent markets into a tailspin on Monday. Picture: Gaye Gerard

Welcome to the Trading Day blog for Tuesday February 4. The ASX 200 has bounced back at market open after its biggest drop in six months, following the escalation of a trade war between the US and its neighbours.

On Wall Street, markets pared back losses overnight on news the US would be putting tariffs on Mexico on hold for one month.

The ASX 200 is 0.4 per cent higher to 8414.10 points at 1pm AEDT.

Cryptocurrency market leader bitcoin is higher, now trading above $US101,000.

The Aussie dollar is trading around US62.08c.

Originally published as ASX bounces back from biggest drop in six months; US delays tariffs on Mexico, Canada; UBS upgrades News, cuts Nine