Source: Sharecast
The pan-regional Stoxx 600 index was up 0.29%, while Germany’s DAX gained 0.21% and France’s CAC 40 rose 0.651% on the news.
A federal trade court on Wednesday said Trump’s tariff orders “exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs” the three-judge panel wrote, referring to the 1977 International Emergency Economic Powers Act.
“For weeks, Trump had turned global trade into a game of chicken, daring trading partners to blink first. But today, it wasn’t about Trump hitting the tariff brakes or a US-China trade deal —it was a panel of judges in Manhattan. And their message was clear: the Oval Office isn’t a trading desk, and the Constitution isn’t a blank cheque,” said SPI Asset Management partner Stephen Innes.
“But don’t kid yourself. The appeal is coming. Trump doesn’t fold on first serve. Yet the message has landed: executive overreach may finally have found its ceiling. And with it, a fresh dose of macro stability—at least until the next headline.”
The ruling, along with Nvidia's quarterly profits, boosted shares in semi-conductor makers. ASM, ASML and BE Semiconductor were all higher.
Auto Trader tumbled despite the online UK car sales platform delivering a confident outlook alongside its full-year results.
Reporting by Frank Prenesti for Sharecast.com