Global Markets Rally as Court Blocks Trump's Tariffs

Global stocks experienced an upswing, while the U.S. dollar showed signs of weakening on Thursday. This came after a significant trade court ruling blocked tariffs imposed by President Donald Trump, a decision that surprised markets.

The U.S. Court of International Trade determined that Trump's tariffs exceeded his authority, prompting the administration to promptly appeal, setting the stage for a possible Supreme Court battle. Wall Street reacted positively, with all major indexes climbing following recent losses. Notably, Nvidia's shares rose by 4% after exceeding earnings expectations.

Meanwhile, the decision's impact varied across other markets. The U.S. dollar slipped against major currencies, while bond yields initially increased before retreating. In the oil sector, prices fell as concerns over demand in China and potential U.S. sanctions on Russia emerged. Gold saw gains, driven partly by weaker U.S. labor data.

(With inputs from agencies.)