Australian shares are slated to open higher at market open on Thursday, fueled by a historic rally on Wall Street after the US backpedaled on its tariff policy.

In macroeconomic news, the monthly consumer inflation expectations for April will be released at 11 am and the February monthly business turnover indicator at 11:30 am Sydney time.

Not even 24 hours since his tariffs kicked in, US President Donald Trump announced a 90-day pause on the levies he imposed on over 75 nations. The White House later clarified that the pause meant lowering the tariffs to a 10% blanket duty on goods imported to the US.

Trump, however, singled out China, saying he will raise the tariffs on the country to 125% due to Beijing's retaliation.

Trump's tariff reversal sent Wall Street clocking in record highs. The Nasdaq Composite surged 12%, the S&P 500 climbed 9.5%, and the Dow Jones Industrial Average soared 7.9% - notching their biggest single-day gains in years.

In corporate news, Bigtincan Holdings (ASX:BTH) said its proposed acquisition by Big Wombat, an entity backed by Vector Capital Management, by way of a scheme of arrangement is now legally effective, according to a Wednesday filing with the Australian bourse.

Regional Express Holdings (ASX:REX) is on the brink of being removed from the ASX's official list if it does not meet its deadline for lodging its oldest outstanding periodic report and execute plans to resume trading, per a Wednesday filing.

Australia's benchmark index dropped 1.8%, or 135 points, to close at 7,375.00 on Wednesday.