Global Markets, U.S. Futures Rise After Trump Tariffs Blocked by Court

By Dow Jones Newswires StaffGlobal stocks and U.S. stock-index futures rose early Thursday after the U.S. Court of International Trade on Wednesday struck down President Trump's global tariffs, ruling that they were illegally imposed under emergency laws.The dollar, bitcoin and oil gained while bond yields rose and gold slipped on lower safe-haven demand. Also buoying chip stocks in particular, Nvidia's earnings after the bell Wednesday beat expectations.Still, gains across assets were tempered by the fact the White House said it would appeal the ruling and seek an emergency stay while the litigation proceeds.Futures tied to U.S. stock indexes were up sharply in Asia and into European morning trade. Futures on the S&P 500 were up 1.5%, while those on the Dow Jones Industrial Average added 1.2% and Nasdaq-100 futures climbed 1.85%.In Asia, stock markets closed higher. Japan's Nikkei 225 index gained 1.9% led by gains in chip-related and auto shares. On Taiwan's TAIEX, chip stocks also rose amid positive sentiment following Nvidia's earnings overnight with gains in Foxconn Technology and Taiwan Semiconductor Manufacturing Co. Hong Kong's Hang Seng gained 1.3% and South Korea's Kospi climbed 1.9%.In early trade in Europe, the Stoxx Europe 600 gained 0.4%, France's CAC 40 gained 1% and Germany's DAX climbed 0.4%. The FTSE 100 was flat. European tech stocks jumped on the Nvidia effect--ASML rose 3.4%, ASM International and BE Semiconductor Industries gained 4% and 4.5%, respectively and Infineon and STMicroelectronics both rose more than 3%.U.S. Treasury yields edged higher. The 10-year Treasury yield was up 3.5 basis points at 4.027%, the 10-year yield rose 4.5 basis points to 4.523%, while the 30-year yield increased 3.5 basis points to 5.011%, according to LSEG data.The dollar rose, with the DXY dollar index up 0.3% to 100.181 against a basket of major currencies after hitting a one-week high of 100.540 overnight. Bitcoin also edged higher, rising 0.6% to $107,933, according to LSEG data. The Swiss franc fell slightly against the euro on reduced demand for safe-havens.Gold futures slipped, down 0.6% to $3,288.0 a troy ounce, while oil prices gained. Brent crude was up 1.7% at $65.39 a barrel while WTI rose 1.8% to $62.97 a barrel.Write to Barcelona Editors at [email protected]