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Most Asian shares fell Friday after a US appeal court gave Donald Trump’s sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional.The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments.While the tariffs have been stalled and are set to go through the courts — and possibly end up at the Supreme Court — there are expectations that the US president will find other means to implement them.The US Court of International Trade ruling on Wednesday barred most of the tariffs announced since Trump took office, saying that he had overstepped his authority — a decision he labelled “horrible” and should be “quickly and decisively” reversed for good.”Backroom ‘hustlers’ must not be allowed to destroy our Nation!” he wrote on his Truth Social platform.A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.But Kevin Hassett, director of the National Economic Council, told Fox Business that “hiccups” sparked by the decisions of “activist judges” would not affect negotiations and that three agreements were close to finalisation.National Australia Bank’s Rodrigo Catril said after the appeal court decision that “Trump’s trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty”.He added that the judges could still rule against the White House.”But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump’s tariff agenda,” Catril said.”The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier.”The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring.”Meanwhile, US Treasury Secretary Scott Bessent told Fox News that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.He added that “given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other”. Hong Kong and Tokyo were off more than one percent each, while Shanghai, Seoul, Manila, Mumbai and Bangkok also sank.Sydney and Wellington edged up with London, Paris and Frankfurt.The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.On currency markets the yen strengthened after figures showed inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts this month, ramping up expectations the country’s central bank will hike interest rates in July.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 37,965.10 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,289.77 (close)Shanghai – Composite: DOWN 0.5 percent at 3,347.49 (close)London – FTSE 100: UP 0.5 percent at 8,762.10 Euro/dollar: DOWN at $1.1340 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3480 from $1.3494Dollar/yen: DOWN at 144.00 yen from 144.19 yenEuro/pound: DOWN at 84.12 pence from 84.22 penceWest Texas Intermediate: UP 0.3 percent at $61.13 per barrel Brent North Sea Crude: UP 0.2 percent at $64.29 per barrelNew York – Dow: UP 0.3 percent at 42,215.73 (close)

The US Securities and Exchange Commission (SEC) on Thursday dropped its civil lawsuit against the cryptocurrency exchange Binance and its majority shareholder, Changpeng Zhao.”In the exercise of its discretion and as a matter of policy, the Commission deems it appropriate to dismiss this litigation,” the agency said in a court filing.The SEC added that dropping the lawsuit “does not necessarily reflect its position in any other litigation or proceeding.”Binance, the world’s largest cryptocurrency exchange, is accused in several countries of allowing criminal organizations to launder funds through its platform.Zhao, the company’s co-founder and former CEO, pleaded guilty in late 2023 to violating anti-money-laundering requirements in the United States, serving a four-month prison sentence for it in 2024.As part of the company’s $4.3 billion settlement with US authorities, Zhao agreed to resign from his position at Binance while remaining a majority shareholder.US President Donald Trump’s pro-crypto SEC chair Paul Atkins has dropped other cases against major cryptocurrency platforms like Coinbase and Kraken initiated under the administration of former president Joe Biden.

Asian shares fell Friday after a US appeal court gave Donald Trump’s sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional.The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments.While the tariffs have been stalled and are set to go through the courts — and possibly end up at the Supreme Court — there are expectations that the US president will find other means to implement them.The US Court of International Trade’s ruling on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority — a decision he labelled “horrible” and should be “quickly and decisively” reversed for good.”Backroom ‘hustlers’ must not be allowed to destroy our Nation!” he wrote on his Truth Social platform.A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.But Kevin Hassett, director of the National Economic Council, told Fox Business that “hiccups” sparked by the decisions of “activist judges” would not affect negotiations and that three agreements were close to finalisation.National Australia Bank’s Rodrigo Catril said after the appeal court decision that “Trump’s trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty”.He added that the judges could still rule against the White House.”But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump’s tariff agenda,” Catril said.”The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier.”The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring.”Meanwhile, US Treasury Secretary Scott Bessent told Fox News on Thursday that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.He added that “given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other”. Hong Kong and Tokyo were off more than one percent each, while Shanghai, Sydney and Seoul also sank into the red, though Wellington and Manila edged up.The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.On currency markets the yen strengthened after figures showed inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts this month, ramping up expectations the country’s central bank will hike interest rates in July.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.4 percent at 37,890.86 (break)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 23,243.11Shanghai – Composite: DOWN 0.5 percent at 3,346.41Euro/dollar: DOWN at $1.1357 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3483 from $1.3494Dollar/yen: DOWN at 143.91 yen from 144.19 yenEuro/pound: UP at 84.24 pence from 84.22 penceWest Texas Intermediate: DOWN 0.3 percent at $60.74 per barrel Brent North Sea Crude: DOWN 0.3 percent at $63.97 per barrelNew York – Dow: UP 0.3 percent at 42,215.73 (close)London – FTSE 100: DOWN 0.1 percent at 8,716.45 (close)

Brazilian prosecutors are suing Chinese electric car giant BYD and two contracting companies for human trafficking and alleged slave labor conditions at a build site, according to legal documents seen by AFP Thursday.The case concerns 220 Chinese workers found last December in conditions “analogous to slavery” at a BYD plant under construction in Camacari, in the northeastern state of Bahia.Bahia’s regional ministry for works (MPT) said in December it had found “degrading working conditions” at the site being built, expected to be BYD’s largest electric car plant outside Asia.Workers slept without mattresses and, in one case, 31 people had to share a bathroom, it said.Laborers had “visible signs of skin damage” from working long hours under the sun.The MPT said it also suspected “forced labor,” with illegal clauses in workers’ contracts, passports confiscated and the employer withholding as much as 70 percent of their salary. Workers were monitored by armed guards.After the allegations were made public, BYD’s Brazilian subsidiary said it had broken its contract with the Jinjiang contractor responsible for work on the site.Jinjiang denied the slavery allegation.The MPT is now seeking 257 million reais ($45.3 million) for “collective moral damages,” as well as individual payments for each worker. The civil suit against BYD, Jinjiang and Tonghe Intelligent Equipment (now Tecmonta) was filed after the companies refused to sign a “conduct adjustment agreement” proposed by Brazilian authorities, the MPT said.On Thursday, BYD said in a statement it had collaborated with the MPT from the beginning, and “reaffirms its non-negotiable commitment to human and labor rights, guiding its activities by respecting Brazilian legislation and international labor protection standards.”Chinese foreign ministry spokeswoman Mao Ning told reporters Beijing “places great importance on protecting and safeguarding workers’ legitimate rights and interests,” and requires Chinese companies to “operate in compliance with laws and regulations.” 

Global shares gave a muted response Thursday to a US court’s decision blocking most of President Donald Trump’s sweeping tariffs — with analysts noting the issue is far from settled.The US Court of International Trade ruled late Wednesday that Trump’s broad imposition of tariffs had overstepped his authority, barring most of the duties announced since he took office in JanuaryBut an appeals court later issued a temporary suspension on the ruling while the litigation proceeds.Wall Street stocks finished modestly higher following a choppy session, with the S&P 500 up 0.4 percent.Europe’s main indices closed slightly down in fairly thin Ascension day trading.The dollar weakened against major currencies.”The gains are less euphoric and more muted than some expected,” said XTB research director Kathleen Brooks.”The latest legal challenge to Trump’s tariffs could be the start of a long wrangle between the courts and the White House, and tariffs may still be implemented,” she said.”Tariff uncertainty has not been reduced by this court ruling,” she said, adding that “they will continue to weigh on the global macro-outlook for some time.”China — the main target of Trump’s tariffs but recently granted a temporary reprieve — urged Washington to “fully cancel the wrongful unilateral” measures.The tariff ruling overshadowed heavily anticipated results from Nvidia, which is seen as a proxy for artificial intelligence equities.Nvidia jumped 3.3 percent after reporting a mammoth $18.8 billion in quarterly profits, even with a multi-billion dollar hit from US export controls.In Europe, realization sank in that the US ruling was not a definitive moment. If anything, the ruling threw uncertainty into trade negotiations the United States is currently holding with the European Union — and a deal it has already struck with Britain.It “does not remove the threat of US tariffs for Europe or end the need for negotiations,” said Andrew Kenningham, chief Europe economist for Capital Economics.Trump’s threat of 50-percent tariffs on EU goods from July 9 “now looks less credible” and “the EU side may feel less pressure to try to reach an agreement in very rapid time,” he said. “It is still reasonable to assume that the average US tariff on EU goods exports may settle at around 10 percent,” he said.Oil prices, which had surged on Wednesday on the back of a New York Times report saying Israel was looking at striking Iranian nuclear sites to derail US-Iran negotiations, fell back on Thursday following mixed US economic data.Among individual companies, Boeing climbed 3.3 percent after the company’s CEO said he was hopeful the company could be cleared by US regulators to significantly boost production of the 737 MAX, leading to higher revenues.- Key figures at around 2040 GMT -New York – Dow: UP 0.3 percent at 42,215.73 (close)New York – S&P 500: UP 0.4 percent at 5,912.17 (close)New York – Nasdaq Composite: UP 0.4 percent at 19,175.87 (close)London – FTSE 100: DOWN 0.1 percent at 8,716.45 (close)Paris – CAC 40: DOWN 0.1 percent at 7,779.72 (close)Frankfurt – DAX: DOWN 0.4 percent at 23,933.23 (close)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)Euro/dollar: UP at $1.1368 from $1.1292 on WednesdayPound/dollar: UP at $1.3494 from $1.3469Dollar/yen: DOWN at 144.19 yen from 144.84 yenEuro/pound: UP at 84.22 pence from 83.83 penceBrent North Sea Crude: DOWN 1.2 percent at $64.15 per barrelWest Texas Intermediate: DOWN 1.5 percent at $60.94 per barrel 

Chinese exporters in one of the world’s busiest port cities spoke Thursday of murky horizons as they try to navigate the trade maelstrom unleashed by the ever-changing saga of US tariff policy.Suppliers in the eastern city of Ningbo — home to the world’s third biggest container port — have had a wild ride since US President Donald Trump announced sweeping duties on nearly all trading partners in April. On Wednesday a federal court blocked most of the US tariffs, including ones imposed on China separately using emergency powers, but that news failed to give much solace.”Due to the Trump administration’s appeal, there is uncertainty in tariff policy, so we remain cautious,” said Han Zhongkai, an employee at a technology company that makes products like smartwatches. Exporters at a bustling cross-border trade fair in Ningbo who spoke to AFP said they were stuck in port — both metaphorically as they surveyed an uncertain future, and in some cases quite literally.Following Trump’s levies announcement in April, Beijing and Washington became enmeshed in a tit-for-tat escalation that saw tariffs soar into triple figures on each side. “(US clients) stopped ordering. Before this, many foreign customers had already sent their goods to our domestic warehouse and were ready to ship them out,” said 28-year-old Li Jie, who works for shipping company Freight Service Limited.After the tariff increase, “they informed us that — for the time being — we should keep the goods in our warehouse”.Hundreds of exporters selling everything from furniture to small electronic devices and baby toys jostled for attention in the expo hall, trying to capture potential clients’ attention. The reciprocal tariffs have already been slashed for 90 days after a meeting between Chinese and US officials in Geneva in May, but uncertainty remains. “Orders from the United States have essentially been put on hold,” said company owner Xiao Chuan, sitting at his booth displaying multicoloured LED neon signs in different languages. “One order was nearly ready to be placed, but may be delayed due to tariff concerns. Since the recent tariff policy adjustment, (clients) are adopting a wait-and-see approach -– unsure if further changes might occur.”- ‘Slapdash operation’ -Faced with the unpredictability of the US market, many have looked to offload their wares elsewhere. Chinese exports to Thailand, Indonesia and Vietnam surged by double digits in April, attributed to a re-routing of US-bound goods.”Southeast Asian countries have actually gained quite significantly. Many factories are gradually shifting their sourcing away from China, placing manufacturing orders in Southeast Asian nations instead,” said Li. At a container depot near Ningbo’s vast port, an employee who gave his surname as Huang said he thought manufacturers were on a mission to diversify. “The world doesn’t revolve around America alone. We’ll ultimately find alternative outlets to redirect these products,” he told AFP. Hundreds of containers, including pink ones from Japanese company ONE, baby blue from Denmark’s Maersk and maroon from South Korea’s HMM, were neatly stacked on top of each other around him.However, daily order volumes had decreased recently, said Huang. “Although tariffs have now been lowered, uncertainty remains about potential future increases,” he said. A spike in US-bound shipments when tariffs were slashed in May was just a blip, likely just backlogged orders and earlier negotiated deals. After a couple of days, “things levelled off”.Xiao, the LED neon light vendor, said he thought new orders would come only when tariff policy stabilised. And so all eyes are on Washington’s next move. Huang said he thought US-bound shipping would probably continue, but with “tighter profit margins and reduced volumes”. “I don’t find American credibility particularly trustworthy these days,” he said. “Honestly, the US government often feels like some slapdash operation –- all over the place.”

Global shares gave a muted positive welcome Thursday to a US court’s decision blocking most of President Donald Trump’s sweeping tariffs — with analysts noting the issue was far from being settled.The White House has already appealed the decision issued Wednesday by the US Court of International Trade, and Trump has several other avenues to pursue his tariffs objective, as his economic adviser Peter Navarro pointed out.The court invalidated Trump’s invocation of emergency powers to apply swingeing tariffs, though it left untouched his sectoral levies on steel, aluminium and cars.US and Asian indices rose on the news. Europe’s main indices were mostly flat in fairly thin Ascension day trading.The dollar weakened against major currencies.”The gains are less euphoric and more muted than some expected,” said XTB research director Kathleen Brooks.”The latest legal challenge to Trump’s tariffs could be the start of a long wrangle between the courts and the White House, and tariffs may still be implemented,” she said.China — the main target of Trump’s tariffs but recently granted a temporary reprieve — urged Washington to “fully cancel the wrongful unilateral” measures.New York’s biggest surge was on the Nasdaq, which basked in a better-than-expected earnings report from US chipmaking giant Nvidia, pointing to strength in the tech sector, particularly those tilted to AI.In Europe, though, realisation sank in that the US ruling was of limited cheer. If anything, the ruling threw uncertainty into trade negotiations the United States is currently holding with the European Union — and a deal it has already struck with Britain.It “does not remove the threat of US tariffs for Europe or end the need for negotiations,” said Andrew Kenningham, chief Europe economist for Capital Economics.Trump’s threat of 50-percent tariffs on EU goods from July 9 “now looks less credible” and “the EU side may feel less pressure to try to reach an agreement in very rapid time,” he said. “It is still reasonable to assume that the average US tariff on EU goods exports may settle at around 10 percent,” he said.Oil prices, which had surged on Wednesday on the back of a New York Times report saying Israel was looking at striking Iranian nuclear sites to derail US-Iran negotiations, fell back on Thursday.Trump said on Wednesday he had told Israeli leader Benjamin Netanyahu such action would be “inappropriate to do right now because we’re very close to a solution” on curbing Tehran’s nuclear programme.In corporate news, the star was Nvidia, whose shares soared more than five percent on Thursday after it reported a mammoth $18.8 billion in quarterly profits, despite US export controls on its chips. Furthering AI sector news, the New York Times announced a deal with Amazon licencing its content across the tech company’s AI platforms. Amazon shares were up more than one percent.- Key figures at around 1335 GMT -New York – Dow: UP 0.1 percent at 42,159.11 pointsNew York – S&P 500: UP 0.7 percent at 5,931.39New York – Nasdaq Composite: UP 1.3 percent at 19,345.10London – FTSE 100: DOWN 0.1 percent at 8,720.56Paris – CAC 40: UP 0.2 percent at 7,801.22Frankfurt – DAX: DOWN 0.2 percent at 23,988.93Tokyo – 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)Euro/dollar: UP at $1.1347 from $1.1291 on WednesdayPound/dollar: UP at $1.3490 from $1.3468Dollar/yen: DOWN at 144.39 yen from 144.82 yenEuro/pound: UP at 84.12 pence from 83.84 penceBrent North Sea Crude: DOWN 1.0 percent at $63.65 per barrelWest Texas Intermediate: DOWN 1.0 percent at $61.20 per barrel 

Global stocks and the dollar largely firmed Thursday after a US court blocked most of President Donald Trump’s sweeping tariffs from taking effect.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 pointsParis – CAC 40: UP 0.6 percent at 7,837.93Frankfurt – DAX: UP 0.3 percent at 24,155.65Tokyo – 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 WednesdayPound/dollar: UP at $1.3482 from $1.3468Dollar/yen: UP at 144.95 yen from 144.82 yenEuro/pound: DOWN at 83.73 pence from 83.84 penceBrent North Sea Crude: UP 0.9 percent at $64.91 per barrelWest Texas Intermediate: UP 1.1 percent at $62.51 per barrel 

Global stocks rallied with US futures on Thursday after a US court blocked Donald Trump’s sweeping tariff blitz, dealing a hefty blow to the president’s signature trade policy and providing some much-needed relief.The ruling provided an extra shot in the arm for investors already upbeat after forecast-busting earnings from chip titan Nvidia revived optimism about the tech sector.And while the White House has appealed against the decision, analysts said traders were making the most of the buying opportunity on hopes the levies will not be imposed.After hearing cases brought by businesses and a coalition of state governments, the three-judge Court of International Trade agreed that the president’s actions violated the power of the purse given to Congress under the Constitution.The White House slammed the ruling by “unelected judges”.China — the main target of Trump’s ire but which reached a deal for a temporary reprieve from most of the duties — urged Washington to “fully cancel the wrongful unilateral” measures, adding that it urged officials to “heed the rational voices from the international community and domestic stakeholders”.News of the ruling revived risk appetite among investors, who remain anxious despite slowly recovering from the shell shock of Trump’s April 2 “Liberation Day” tariffs that fanned fears of a global recession.Markets in Japan and South Korea — major exporters who faced huge tariffs — surged 1.9 percent thanks to rallies in tech firms and automakers. Seoul was also helped by a central bank interest rate cut.Hong Kong piled on more than one percent, while Shanghai, Sydney, Bangkok and Mumbai were also higher with London, Paris and Frankfurt. Futures for all three main indexes in New York were up close to two percent each, while the dollar strengthened against its main peers and safe haven gold fell.- ‘Market exhaling’ -Still, David Chao, Asia Pacific global markets strategist at Invesco, warned: “It’s entirely possible that the Supreme Court rules in Trump’s favour, handing him back the power granted under the IEEPA (International Emergency Economic Powers Act).”He added that “we don’t believe that the latest ruling reduces any uncertainty related to tariff developments. It’s possible that we could see Trump escalate trade tensions further in response”.The gains were helped by a rally in tech firms that came after Nvidia reported better-than-expected first-quarter earnings, even as it faced increased export controls that it warned could cost it billions in the current quarter.The firm posted a profit of $18.8 billion on revenue of $44.1 billion, and forecast strong sales for the second quarter, thanks to still-booming demand for chips to power artificial intelligence.Investors extending the Nvidia-fuelled rally showed “the market exhaling after weeks of white-knuckle volatility sparked by trade war brinkmanship”, Stephen Innes at SPI Asset Management wrote in a commentary.US judges gave a clear message, Innes said: “The Oval Office isn’t a trading desk, and the Constitution isn’t a blank cheque.”The ruling is “a structural pivot in the narrative: from strongman tariffs to institutional guardrails”, he added.”Executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability — at least until the next headline.”Oil, meanwhile, extended Wednesday’s rally that was already underway ahead of an OPEC meeting to discuss output and rising tensions over Russia and Iran.- Key figures at around 0810 GMT -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)London – FTSE 100: UP 0.1 percent at 8.730.59 Euro/dollar: DOWN at $1.1278 from $1.1291 on WednesdayPound/dollar: DOWN at $1.3460 from $1.3468Dollar/yen: UP at 145.20 yen from 144.82 yenEuro/pound: DOWN at 83.72 pence from 83.84 penceWest Texas Intermediate: UP 1.7 percent at $62.89 per barrel Brent North Sea Crude: UP 1.6 percent at $65.96 per barrelNew York – S&P 500: DOWN 0.6 percent at 5,888.55 (close)

Asian stocks rallied with US futures Thursday after a US court blocked Donald Trump’s sweeping global tariff blitz, dealing a hefty blow to the president’s signature trade policy and providing some much-needed relief.The ruling provided an extra shot in the arm for investors already upbeat after forecast-busting earnings from chip titan Nvidia revived optimism about the tech sector.And while the White House has appealed against the decision, analysts said traders were making the most of the buying opportunity on hopes the levies will not be imposed.After hearing cases brought by businesses and a coalition of state governments, the three-judge Court of International Trade agreed that the president’s actions violated the power of the purse given to Congress under the constitution.The White House slammed the ruling by “unelected judges”.The news revived risk appetite among investors, who remain anxious despite slowly recovering from the shellshock of the president’s April 2 “Liberation Day” tariffs that fanned fears of a global recession.Markets in Japan and South Korea — major exporters who faced huge tariffs — surged more than one percent thanks to rallies in tech firms and auto makers.Seoul was also helped by a central bank interest rate cut.Hong Kong, Shanghai, Sydney, Taipei and Manila were also higher, while the futures for all three main indexes in New York piled on more than one percent each.- ‘Market exhaling’ -The gains were helped by a rally in tech firms that came after Nvidia reported better-than-expected first-quarter earnings, even as it faced increased export controls that it warned could cost it billions in the current quarter.The firm posted a profit of $18.8 billion on revenue of $44.1 billion, and forecast strong sales for the second quarter, thanks to still-booming demand for chips to power artificial intelligence.Stephen Innes at SPI Asset Management said investors extending the Nvidia-fuelled rally showed “the market exhaling after weeks of white-knuckle volatility sparked by trade war brinkmanship,” he wrote in a commentary.US judges gave a clear message, Innes said: “The Oval Office isn’t a trading desk, and the Constitution isn’t a blank cheque.”The ruling is “a structural pivot in the narrative: from strongman tariffs to institutional guardrails”, he said.”Executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability — at least until the next headline.”The prospect that the worst of the tariffs could be avoided also weighed on safe-haven assets, with gold and the yen retreating.Oil, meanwhile, extended Wednesday’s rally that was already underway ahead of an OPEC meeting to discuss output and rising tensions over Russia and Iran.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 1.7 percent at 38,355.70 (break)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,347.38 Shanghai – Composite: UP 0.6 percent at 3,359.32Euro/dollar: DOWN at $1.1242 from $1.1291 on WednesdayPound/dollar: DOWN at $1.3430 from $1.3468Dollar/yen: UP at 145.89 yen from 144.82 yenEuro/pound: DOWN at 83.71 pence from 83.84 penceWest Texas Intermediate: UP 1.1 percent at $62.50 per barrel Brent North Sea Crude: UP 1.0 percent at $65.54 per barrelNew York – S&P 500: DOWN 0.6 percent at 5,888.55 (close)London – FTSE 100: DOWN 0.6 percent at 8,726.01 (close)