FRANKFURT: Europe’s STOXX 600 closed at a record on Friday after investors welcomed the US Supreme Court ruling that struck down President Donald Trump’s sweeping tariffs.
The pan-European STOXX 600 extended earlier gains to close 0.8 percent higher at 630.56 points, with most regional benchmarks also finishing in positive territory.
The US top court ruled against Trump’s global tariffs enacted under a federal law meant for national emergencies.
The levies that he introduced in April last year included a baseline duty of 10 percent on all imports to the United States and specific additional duties on goods from most countries.
“It has good elements to it and slightly less good elements, because it will increase this legendary uncertainty that markets, of course, always fear,” said IG chief markets strategist, Chris Beauchamp.
Beauchamp added he expected the US president to try to impose tariffs through different methods, which markets will need to price in down the road.
Earlier this year, Trump threatened European nations with tariffs as leverage to seize Greenland, only to later back down from the threats that had rattled the NATO alliance.
The personal and household goods sector sub-index added 2.2 percent, while the luxury sector rose 2.9 percent.
Luxury brand Moncler jumped 13.4 percent after reporting a 7 percent rise in revenue in the fourth quarter, helped by solid growth in Asia and the Americas.
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