Stock exchanges sceptical about tariffs stop, Nvidia flies in WS (DJ +0.24%) Btp Italia: retail placement closes at 6.5 bln
The ruling of a US court preventing Trump from imposing generalised tariffs on imports under an emergency powers law is welcomed. The president will appeal. US GDP above estimates
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(Il Sole 24 Ore Radiocor) - TheEuropean stock exchanges close cautiously after a US federal court's decision that, in effect, blocks most of the duties announced by President Donald Trump, who has already announced an appeal. The spotlight is on the technology sector, following the chip giant's above-expected quarterly reportNvidia Corp . Thus, the FTSE MIB of Milan ends lower, and loses 40 thousand points.
As the White House prepares to do battle by appealing against the ruling, the move by the International Trade Court in Manhattan on tariffs is a real "breath of fresh air for the markets after the volatility of recent weeks", according to analysts at Sps Asset Management. For traders, it gives hope for the possibility of a step back by Trump at least with respect to higher tariffs, especially in light of the fears of a recession in the US economy that also emerged yesterday from the minutes of the last Federal Reserve meeting.
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Wall Street closes positive, Nvidia shines
Wall Street held on to gains, largely ignoring a federal appeals court's decision late in the evening to reinstate President Donald Trump's tariffs. The night before, on Wednesday, a trade court had blocked most of the duties imposed by the US president from taking effect. According to the US Court of International Trade (ITC), the president cannot invoke the Economic Emergency Act of 1977 to justify the use of presidential decrees to impose customs duties.
At the close, the Dow Jones gained 0.24% to 42,201.75 points, the Nasdaq advanced 0.34% to 19,166.73 points while the S&P 500 rose 0.40% to 5,912.24 points.
Nvidia's stock soared after a better-than-expected quarterly report, and dragged the entire semiconductor sector along. The mood on the stock markets was also lifted by US GDP data, revised upwards from -0.3% to -0.2% and better than estimates for -0.4%. On the other hand, unemployment claims rose (+14,000 to 240,000, worse than estimates for 230,000).
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