European Shares Inch Higher As US Court Calls Trump Tariffs Illegal
(RTTNews) - European stocks were slightly higher on Monday after a U.S. appeals court ruled that many of President Donald Trump's tariffs, which have upended global trade, were illegal.
The 7-4 ruling by the U.S. Court of Appeals for the Federal Circuit affirmed a lower court's finding that Trump had exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.
At the same time, the judges allowed the tariffs to stay in place through mid-October, giving Trump time to take the fight to the Supreme Court.
The pan European STOXX 600 was up 0.4 percent at 552.21, after having scored its first weekly loss in four on Friday.
The German DAX and France's CAC 40 both were up around half a percent, while the U.K.'s FTSE 100 added 0.3 percent.
In corporate news, Novo Nordisk shares surged nearly 3 percent. The Danish drug maker said its blockbuster Wegovy weight-loss drug cuts the risk of heart attack, stroke or death by 57 percent compared with rival treatments from U.S.-based Eli Lilly.
Britain's BAE Systems rallied 2.7 percent after Norway said it has chosen the United Kingdom as its strategic partner for the acquisition of new frigates.
Genuit jumped 3.4 percent after acquiring Monodraught Topco Limited for £55.6 million.
Domino's Pizza climbed 7.4 percent after announcing a £20 million share buyback program.
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