LIVE MARKETS-Europe before the bell: stocks set to jump as tariffs hit the buffers

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EUROPE BEFORE THE BELL: STOCKS SET TO JUMP AS TARIFFS HIT THE BUFFERS

European equity futures are shooting higher on Thursday after a U.S. trade court blocked most of President Trump's tariffs from going into effect, boosting riskier assets.

The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from trading partners.

Industry-specific tariffs (autos, steel etc) were not ruled on, and the Trump administration said it would appeal the ruling.

Still, equities are set to respond positively. Euro STOXX 50 futures STXEc1 are up 1%. Futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are up 0.6% to 0.9%.

"We would expect a positive market and business reaction on the news," writes George Lagarias, chief economist at Forvis Mazars.

"At the very least, the ruling paves the way to dent some of the sharp economic impact of tariffs and give businesses further time to prepare."

Wall Street futures EScv1 are also surging and Asia-Pacific shares .MIAPJ0000PUS rallied.

Sentiment also got a lift after upbeat results from AI bellwether Nvidia NVDA.O after-market on Wednesday.

The chipmaker beat quarterly sales expectations as customers stockpiled its AI chips, and although it flagged an expected hit from China export curbs in the current quarter, the expected impact was not as bad as some had feared.

(Samuel Indyk)

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