A positive start for Piazza Affari and other European stock markets followed a fresh twist in the U.S. tariff saga, as an American court blocked the duties imposed by former President Donald Trump.
The U.S. Court of International Trade unexpectedly ruled that the long series of import tariffs announced by Trump on April 2--dubbed by him as "Liberation Day"--were unlawful and therefore invalid.
While markets await the outcome of an appeal already announced by the White House, global equities have resumed their climb, particularly in sectors most exposed to international trade and the U.S. market. However, persistent uncertainty continues to cap gains.
Around 9:30 a.m., the FTSE MIB was up 0.5%, driven mainly by the automotive, luxury, and tech sectors.
Ferragamo jumped 4.3%, while Moncler advanced 2.8%. Chipmaker STM rose 3.9%. Stellantis, rebounding from yesterday's weak performance following the appointment of a new CEO, gained 3.3%.
Banks remained relatively subdued, and utilities declined, with Italgas down 2% after details emerged regarding a capital increase set to begin on June 2 to finance the acquisition of 2i Rete Gas.
(Claudia Cristoferi, editing by Sabina Suzzi)
