Australian shares rose on Thursday's close, as Asian markets recovered from Monday's global selloff, while the Reserve Bank of Australia left cash rates unchanged.

The S&P/ASX 200 Index rose 1% or 81.8 points to close at 7,925.2.

On Wednesday, US President Trump is expected to unleash his reciprocal tariff plans for all countries, Bloomberg reported.

"While Asian stocks are rebounding slightly from yesterday's sharp selloff, they are unlikely to find a clear direction until the full extent of Trump's reciprocal tariff plan is confirmed," said Homin Lee, senior macro strategist at Lombard Odier Singapore.

Markets are anticipated to stabilize if Trump's plans are seen as a one-time thing and easy to follow, but they may struggle if he doesn't clarify them, Lee added.

On the domestic front, The Reserve Bank of Australia left the cash rate target unchanged at 4.1% in a widely expected move.

Australian property values rebounded in March as the national Home Value Index grew 0.4%, reversing a downward trend, according to a report by CoreLogic.

Australia's seasonally adjusted retail turnover rose 0.2% month on month in February, following a 0.3% rise in January, data from the Australian Bureau of Statistics showed.

In company news, Tower (ASX:TWR, NZX:TWR) confirmed that Bain Capital has completed the full allocation of its 68.3 million shares in the company. Shares of the firm fell past 8% at market close.

Norges Bank Investment Management is set to vote against the shareholder proposal for Rio Tinto (ASX:RIO), to review the possible unification of its dual-listed structure into a single Australian-domiciled holding company.

Lastly, AVJennings (ASX:AVJ) agreed to sell all of its shares to Proprium Capital Partners and Avid Property Group at a reduced offer and terminated talks with Singapore-based suitor Ho Bee Land. Shares of the company rose past 8% at market close.