Asia-Pacific markets rise after U.S. trade court blocks Trump ‘reciprocal’ tariffs

Asia-Pacific markets mostly rose Thursday after a U.S. federal trade court ruled that President Donald Trump exceeded his authority with his “reciprocal” tariffs, dealing a blow to a major tenet of the president’s economic agenda.

South Korea’s Kospi rose 1.89% to end the day at 2,720.64 while the small-cap Kosdaq climbed 1.03% to 736.29. The Bank of Korea cut its policy rate from 2.75% to 2.5% Thursday, its lowest level since August 2022, in line with expectations among economists polled by Reuters.

Japan’s benchmark Nikkei 225 rose 1.88% to end the day at 38,432.98, and the Topix climbed 1.53% to 2,812.02.

Australia’s S&P/ASX 200 edged up 0.15% to close at 8,409.8.

Hong Kong’s Hang Seng index advanced 1.35% to end the day at 23,573.38 while mainland China’s CSI 300 moved 0.59% higher to 3,858.70.

India’s benchmark Nifty 50 and BSE Sensex were flat as at 1.45 p.m. Indian Standard Time.

Investors will be keeping an eye out for Asian chip stocks after artificial intelligence heavyweight Nvidia posted stronger-than-expected earnings and revenue Wednesday, driven by a 73% year-over-year surge in its data center business.

U.S. futures rose, buoyed by the court ruling and Nvidia’s strong earnings report.

Futures tied to the S&P 500 jumped 1.44%, while Nasdaq 100 futures gained 1.76%. Dow Jones Industrial Average futures added 483 points, or 1.15%.

Overnight, the three major stock averages closed lower as investors parsed the latest earnings reports and Federal Reserve meeting minutes.

The S&P 500 slid 0.56% to end at 5,888.55, while the Nasdaq Composite shed 0.51% and settled at 19,100.94. The Dow Jones Industrial Average fell 244.95 points, or 0.58%, and closed at 42,098.70.

— CNBC’s Alex Harring, Sarah Min and Pia Singh contributed to this report