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Cryptopolitan 2025-05-29 03:10:12

Asian markets and US futures surged after court’s ruling against Trump’s tariffs

Asian markets and US futures surged after court’s ruling against Trump’s tariffs

Asian stock markets rose on Thursday after a US court blocked President Donald Trump from using an emergency powers law to slap wide tariffs on imports. US index futures also climbed in reaction, pointing to a stronger Wall Street open. South Korea’s central bank, on the other hand, trimmed its key interest rate, and South Korean Kospi climbed 1.4% to 2,707.77 in reaction. The three-judge panel said the 1977 International Emergency Economic Powers Act does not authorize the use of tariffs. Their decision , delivered late Wednesday, supported several lawsuits claiming Trump had exceeded his authority. The White House appealed, but it was not clear whether the administration would freeze the contested tariffs while that process played out. Many of the tariffs have already been on hold for as long as 90 days during trade talks. The news set off a rally in futures. Contracts for the S&P 500 jumped 1.6%, while those linked to the Dow Jones Industrial Average gained 1.2%. Overnight in New York, major indexes had eased before the ruling. The S&P 500 had slipped 0.6% to 5,888.55, leaving it 4.2% shy of its record. Last month, the benchmark had been roughly 20% below that mark during a sharp pullback. The Dow industrials had fallen 0.6% to 42,098.70, and the Nasdaq composite lost 0.5% to 19,100.94. Asian markets surged after the tariff ruling Markets across Asia followed. Japan’s Nikkei 225 leaped 1.63% to 38,336.99. Tokyo has been urging Washington to scrap higher duties on Japanese goods and 25% levies on steel, aluminum, and autos. Japan’s Nikkei 225. Source: Google Finance The court decision also drove the dollar higher, pushing it to 146.06 yen from 144.87 yen late Wednesday. Australia’s S&P/ASX 200 added 0.3% to 8,418.90. South Korea’s Kospi climbed 1.78% to 2,717.65 after the Bank of Korea cut its policy rate to 2.5% from 2.75%. Officials said the move was meant to ease pressure on growth in an export-heavy economy that relies heavily on sales to the United States. Trading was subdued as investors waited for Nvidia’s quarterly results, which were released after the close. Before the numbers came out, the chipmaker’s stock dipped 0.5%. In after-hours action, it jumped 4.9%. In bonds, the yield on the 10-year Treasury edged up to 4.47% from 4.43% late Tuesday. Minutes from the Federal Reserve’s early-May meeting showed officials kept the benchmark lending rate unchanged for a third time. Energy prices also firmed. The U.S. benchmark crude gained 60 cents to $62.44 a barrel, while Brent crude, the international standard, rose 56 cents to $64.88. In currency trading, the euro slipped to $1.1239 from $1.1292. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

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