European shares rise as US court ruling on Trump tariffs boosts sentiment
May 29 (Reuters) - European shares climbed on Thursday as a U.S. trade court's decision to block President Donald Trump's proposed tariffs sparked a risk-on sentiment across global markets.
The continent-wide STOXX 600 index (.STOXX), opens new tab was up 0.4%, as of 0715 GMT, with regional indexes also trading in the green. Germany's DAX 40 (.GDAXI), opens new tab rose 0.5% to hover near a record high.
The Court of International Trade ruled that Trump overstepped his authority by imposing the April 2 across-the-board duties on imports from U.S. trade partners.
On Wall Street, stock index futures rose by more than 1.5% as the court's decision provided some relief from persistent trade uncertainties.
Overall sentiment was also lifted by AI bellwether Nvidia (NVDA.O), opens new tab, which surpassed quarterly sales expectations in after-hours trading on Wednesday.
European AI-exposed stocks such as ASML (ASML.AS), opens new tab and Schneider Electric (SCHN.PA), opens new tab each gained about 3%, while the region's technology index (.SX8P), opens new tab led sector gains with a 1.7% rise.
European carmakers, sensitive to tariff-centric pressures, rose in early trading. Shares in Stellantis (STLAM.MI), opens new tab gained 2.5%, Porsche (PSHG_p.DE), opens new tab up 1% and Volkswagen added 1.2%.
Investors also favoured luxury stocks, with Kering (PRTP.PA), opens new tab, Christian Dior (DIOR.PA), opens new tab and Burberry rising between 3% and 3.6%.
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