*

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

*

S&P 500 futures climb, Nikkei adds 1%

*

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

*

Dollar rises on safe haven currencies, gold slips

*

Nvidia up after hours on earnings relief

By Wayne Cole

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

futures climbed 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 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.

"We're just trying to work out what it might mean basically

but obviously the market is doing a knee-jerk reaction," said

Ray Attrill, head of FX strategy at NAB.

"So this may be an absolute storm in a teacup or potentially

something more significant."

Investors reacted by embracing risk assets and Japan's

Nikkei quickly rose 1%, while South Korea's shares

added 0.8%.

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

edged up, awaiting the opening of Chinese

markets.

S&P 500 futures climbed 1.5%, while Nasdaq futures

rose 1.8%. 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.

PUSHING OUT RATE CUTS

The news of the court decision hit traditional safe havens,

lifting the dollar 0.8% on the Swiss franc to 0.336.

It gained 0.6% on the Japanese yen to 145.76 yen,

while the euro dipped 0.5% to $1.1230.

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.

U.S. crude firmed 47 cents to $62.31 per barrel.

(Additional reporting by Stella Qiu in Sydney; Editing by Sam

Holmes)