Arizona Tribune - Stocks climb after US court blocks Trump tariffs

Equities across Europe and Asia climbed on hopes that Trump's April 2 "Liberation Day" tariffs may not be imposed, easing concerns that had roiled global markets and sparked recession fears.

US futures markets rallied almost two percent, signalling at least solid gains when Wall Street reopens Thursday.

Tech stocks led the way after US computer chip giant Nvidia beat first-quarter earnings estimates, posting $18.1 billion in profit on revenues of $44.1 billion.

Despite warning that export controls could cost billions, Nvidia forecast strong second-quarter sales on still-booming demand for chips to power artificial intelligence.

In foreign exchange, the dollar strengthened against the euro and the yen, while safe haven gold retreated.

Oil prices built on Wednesday's rally that came against a backdrop of rising tensions over Russia and Iran, and OPEC meetings this week.

"Trump's tariff knock back by the US Court of International Trade is the main news that traders are digesting," said Kathleen Brooks, research director at trading group XTB.

The three-judge Court of International Trade on Wednesday ruled that Trump had overstepped his authority, barring most of the duties announced since he took office in January.

While the White House has appealed against the decision, it marks a significant setback to Trump's plans to bring governments to the negotiating table through tough new tariffs.

The White House slammed the ruling by "unelected judges".

"If the court ruling holds and tariffs are blocked, brace for a global risk rally across major indices, the US dollar, and commodities on improved global growth expectations," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

In Europe, the Paris stock market rose 0.6 percent and Frankfurt was up 0.3 percent in midday deals. Outside the eurozone, London flattened.

Brooks noted this may reflect that "stock markets in countries (like Britain) who did manage to score trade deals with the US in recent weeks could be at a disadvantage if tariffs are reversed".

"That gains were measured rather than blockbuster reflects a healthy level of scepticism over whether this can truly rein in the Trump administration," said AJ Bell investment director Russ Mould.

Stephen Brown, North America economist at Capital Economics, noted that there are "various other routes through which the Trump administration could impose tariffs".

In Asia, Hong Kong piled on more than one percent, with Shanghai also higher by the close.

China -- the main target of Trump's tariffs but recently granted a temporary reprieve -- urged Washington to "fully cancel the wrongful unilateral" measures.

Markets in Japan and South Korea -- major exporters that faced huge tariffs -- surged 1.9 percent, buoyed by rallies in tech firms and automakers. Seoul was helped also by a cut to interest rates in South Korea.

- Key figures at around 1030 GMT -

London - FTSE 100: FLAT at 8,722.69 points

Paris - CAC 40: UP 0.6 percent at 7,837.93

Frankfurt - DAX: UP 0.3 percent at 24,155.65

Tokyo - Nikkei 225: UP 1.9 percent at 38,432.98 (close)

Hong Kong - Hang Seng Index: UP 1.4 percent at 23,573.38 (close)

Shanghai - Composite: UP 0.7 percent at 3,363.45 (close)

New York - S&P 500: DOWN 0.6 percent at 5,888.55 (close)

Euro/dollar: DOWN at $1.1289 from $1.1291 on Wednesday

Pound/dollar: UP at $1.3482 from $1.3468

Dollar/yen: UP at 144.95 yen from 144.82 yen

Euro/pound: DOWN at 83.73 pence from 83.84 pence

Brent North Sea Crude: UP 0.9 percent at $64.91 per barrel

West Texas Intermediate: UP 1.1 percent at $62.51 per barrel

R.Garcia--AT