ASX 200 rises after United States federal court blocks US President Donald Trump's sweeping 'Liberation Day' tariffs
The ASX 200 is up on Thursday after a court in the United States blocked Donald Trump's sweeping tariffs.
The index added 0.2 per cent in the first 30 minutes of trading with Clarity Pharmaceutical rising 5.1 per cent, Capstone Copper up 2.7 per cent and kitchenware manufacturer Breville Group jumping 2.4 per cent.
It sits about 1.6 per cent off its February high point as Australian stocks recover from the shock of Trump's trade policies.
The rise on the ASX follows a United States federal court blocking Trump's 'Liberation Day' tariffs.
The court ruled the President overstepped his authority by imposing across-the-board duties on imports from nations which sell more to the United States than they buy.
The Manhattan-based Court of International Trade said the US Constitution gives the US Congress exclusive powers to regulate commerce with other countries which are not trumped by the president's emergency powers to safeguard the US economy.
Trump forced a baseline 10 per cent tariff on all imported goods in early April before temporarily pausing this for 90 days to allow time for negotiations.
Australia is still subjected to 25 per cent tariffs on steel, aluminium, automobiles, light trucks and certain automotive parts.
Outside Trump's trade war, chip-maker Nvidia surged more than five per cent during after hours trading after it reported a 69 per cent jump in first quarter sales.
Investors were also buoyed by comments from Nvidia's CEO Jensen Huang where he called for greater trade with China as bans on US chips limit the business.
On Wednesday, the Nasdaq sank 0.5 per cent, the S&P 500 fell 0.6 per cent and the Dow Jones shed 0.6 per cent.
Futures for the major indexes are all pointing up between one and 1.7 per cent about an hour after news of the court ruling broke.
London's FTSE 250 Index finished flat, Germany's DAX lost 0.8 per cent and the STOXX Europe 600 shed 0.6 per cent on Wednesday.
New Zealand's NZX 50 Index is down 0.3 per cent on Thursday while Japan's Nikkei 225 is up 1.2 per cent.
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US job growth slowed in May amid uncertainty about the Trump administration's import tariffs, but solid wage growth should keep the economic expansion on track and potentially allow the Federal Reserve to delay resuming its interest rate cuts. The ebbing labour market momentum reported by the Labor Department on Friday was underscored by sharp downward revisions that showed 95,000 fewer jobs were added in March and April than previously estimated over the two month period. The unemployment rate held steady at 4.2 per cent for the third consecutive month because 625,000 people dropped out of the labour force, suggesting a lack of confidence in the jobs market and offsetting a decline in household employment. Recent surveys have pointed to consumers becoming less optimistic about their prospects of finding a job in the event of being laid off. Economists say President Donald Trump's flip-flopping on import tariffs has hampered businesses' ability to plan ahead and hire more workers. 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