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France's CAC 40 rose 0.2% in early trading to 7,796.14, while
Germany's DAX jumped 0.6% to 24,122.42. Britain's FTSE 100 added
0.6% to 8,771.71. U.S. shares were set to drift lower with Dow
futures down 0.1% at 42,217.00. S&P 500 futures declined 0.1% to
5,914.75.
Japan's benchmark Nikkei 225 lost 1.2% to finish at 37,965.10.
Government data showed Tokyo core inflation, excluding fresh
food, rising to a higher-than-expected 3.6% in May. Some
analysts say that makes it more likely the Bank of Japan will
raise interest rates.
Australia's S&P/ASX 200 rose 0.3% to 8,434.70. South Korea's
Kospi declined 0.8% to 2,697.67, ahead of a presidential
election set for next week.
Hong Kong's Hang Seng slipped 1.2% to 23,289.77, while the
Shanghai Composite shed 0.5% to 3,347.49.
Earlier this week, the U.S. Court of International Trade said
that the 1977 International Emergency Economic Powers Act that
Trump cited for ordering massive increases in taxes on imports
from around the world does not authorize the use of tariffs.
The ruling at first raised hopes in financial markets that a
hamstrung Trump would not be able to drive the economy into a
recession with his tariffs, which had threatened to grind down
on global trade and raise prices for consumers already sick of
high inflation.
But the tariffs remain in place for now while the White House
appeals the ruling, and the ultimate outcome is still uncertain.
The court’s ruling also affects only some of Trump’s tariffs,
not those on foreign steel, aluminum and autos, which were
invoked under a different law.
The Court of Appeals for the Federal Circuit on Thursday allowed
the president to temporarily continue collecting the tariffs
under the emergency powers law while he appeals the trade
court’s decision.
Un energy trading, benchmark U.S. crude rose 24 cents to $61.18
a barrel. Brent crude, the international standard, edged up 23
cents to $64.38 a barrel.
In currency trading, the U.S. dollar declined to 143.96 Japanese
yen from 144.12 yen. The euro cost $1.1342, down from $1.1367.
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