Hongdae street in Seoul city, South Korea
Twenty47studio | Moment | Getty Images
Asia-Pacific markets mostly rose Thursday after a U.S. federal 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 1.76% and the small-cap Kosdaq climbed 0.83%. The Bank of Korea has cut its policy rate from 2.75% to 2.5%, its lowest level since August 2022, in line with expectations among economists polled by Reuters.
Japan’s benchmark Nikkei 225 rose 1.63% and the Topix climbed 1.44%.
Australia’s S&P/ASX 200 rose 0.31%.
Hong Kong’s Hang Seng index advanced 0.84% while mainland China’s CSI 300 was 0.7% higher.
India’s benchmark Nifty 50 started the day 0.29% higher while the BSE Sensex moved up 0.34%.
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
