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Asian stock markets : https://tmsnrt.rs/2zpUAr4

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S&P 500 futures climb 1.6%, Nikkei adds 1.7%

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U.S. court blocks April 2 tariffs, White House appeals

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Dollar rises on safe haven currencies, gold slips

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Nvidia up after hours on earnings relief

(Adds analyst reaction, China and European stocks)

By Wayne Cole

SYDNEY, May 29 (Reuters) - Asian shares and Wall Street

futures jumped in Asia on Thursday after a U.S. federal court

blocked President Donald Trump's "Liberation Day" tariffs from

going into effect, sending the dollar up on safe haven

currencies.

The little-known Manhattan-based Court of International

Trade ruled that Trump overstepped his authority by imposing

across-the-board duties on imports from nations that sell more

to the United States than they buy.

The White House quickly appealed the decision, and could

take it all the way to the Supreme Court if needed, but in the

meantime it offered some hope that Trump might back away from

the highest tariff levels he had threatened.

"It's long been suggested that the emergency powers Trump

has used to implement tariffs were unconstitutional and that the

power to enact tariffs sits with Congress," said Kyle Rodda, a

senior financial analyst at Capital.com.

"Should the markets get their way, the courts could delay

and then deny these tariffs, removing one massive risk and

undoubtedly stoking risk appetite."

It could also encourage U.S. trading partners to stall any

trade negotiations they are having with the White House while

waiting to see how the case is resolved.

"The ruling will obviously throw into disarray the

administration's push to quickly seal trade 'deals' during the

90-day pause from tariffs that have now been declared to be

illegal," said Paul Ashworth, chief North America economist at

Capital Economics.

"Other countries will wait and see whether a higher court is

willing to reverse this ruling."

Investors reacted by embracing equities and Japan's Nikkei

quickly rose 1.7%, while South Korean shares

gained 1.2% to a nine-month top.

MSCI's broadest index of Asia-Pacific shares outside Japan

edged up 0.3%, while Chinese blue chips

firmed 0.5%.

The ripples were felt worldwide as EUROSTOXX 50 futures

rose 1.1%, while FTSE futures gained 0.7% and

DAX futures 0.9%.

NVIDIA RELIEVES

S&P 500 futures climbed 1.6%, while Nasdaq futures

rose 1.9%. The latter had already been lifted by relief

over earnings from Nvidia, which beat sales estimates.

The chipmaker and AI darling also projected strong revenues

for the current quarter, sending its shares up 4.4% after hours.

That news helped offset a Financial Times report that the

White House had ordered U.S. firms that offer software used to

design semiconductors to stop selling their services to Chinese

groups.

The New York Times separately reported the United States had

suspended some sales to China of critical U.S. technologies,

including those related to jet engines, semiconductors and

certain chemicals.

The news of the court decision hit traditional safe haven

currencies, lifting the dollar 0.7% on the Swiss franc to 0.8327

. It gained 0.7% on the Japanese yen to 145.86 yen

, while the euro dipped 0.4% to $1.1245.

Yields on 10-year Treasuries rose 3 basis points

to 4.51% and markets further shaved the chance of a Federal

Reserve rate cut anytime soon.

Minutes of the last Fed meeting showed "almost all

participants commented on the risk that inflation could prove to

be more persistent than expected" due to Trump's tariffs.

A rate cut in July is now seen as just a 22% chance, while

September has come into around 60% having been more than fully

priced a month ago.

In commodity markets, gold slipped 0.9% to $3,259 an ounce

.

Oil prices extended a rally begun on supply concerns as

OPEC+ agreed to leave their output policy unchanged and as the

U.S. barred Chevron ( CVX ) from exporting Venezuelan crude.

Brent rose 66 cents to $65.56 a barrel, while U.S.

crude firmed 70 cents to $62.54 per barrel.

(Additional reporting by Ankur Banerjee in Singapore and Stella

Qiu in Sydney; Editing by Sam Holmes)