Stocks climb after US court blocks Trump tariffs

LONDON: Global stocks and the dollar largely firmed on 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 2.0 per cent, signalling at least solid gains when Wall Street reopens on 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.