Stoxx 600, FTSE 100, DAX, CAC 40, tariffs

Germany’s DAX was last down 0.4% on Thursday, but the blue chip index is nonetheless up more than 20% in the year to date, with sectors from banking and industrials to defense boosted by anticipation of a fiscal spending boost.

Earlier today, Laura Cooper, head of macro credit and global investment strategist at Nuveen, spoke to CNBC’s “Early Europe Edition” about the drivers of the year’s outperformance and why we might see “more tepid advances” going forward. Watch below:

Despite positive momentum stateside, European markets have wiped out their earlier gains, with the regional Stoxx 600 index moving to a 0.12% loss.

Media and utilities stocks are the worst performers, both down around 0.5%. U.K. online car sales marketplace Auto Trader is down 11% after its annual revenue missed analyst expectations. Data separately out on Thursday showed an 8.6% decline in British car manufacturing output in April.

— Jenni Reid

President Donald Trump’s negotiating power over tariffs has been weakened even if he eventually finds a way to restore much of his policy, notes Lizzy Galbraith, senior political economist at Aberdeen.

“The administration will almost certainly appeal the ruling and seek to lift the block on IEPPA tariffs while the case is ongoing. The case will first go to the US Court of Appeals for the Federal Circuit but is likely to end up in the Supreme Court,” Galbraith said in a note.

“Nevertheless, the ruling has significant implications for countries that were in trade negotiations with the U.S. Many are likely to wait for clarity on whether the block on tariffs is maintained before making big concessions. So, the ruling undercuts Trump’s negotiating leverage,” she added.

Andrew Thurston, customs duty senior manager at professional services firm MHA, flagged questions arising for businesses resulting from the decision.

“While imports surged in the first quarter as businesses looked to avoid tariffs from April, can we expect a similar effect while we wait for the decision of the appeal? Perhaps, but businesses continue to navigate murky waters and will be wary of making wholesale strategic changes in such a turbulent environment,” Thurston said.

“Not only will tariffs at U.S. customs be halted for the foreseeable, but will businesses that have already paid ‘illegal’ tariffs on U.S. imports be reimbursed? If so, this would be a sizeable task for the U.S. customs authorities and businesses may be left in the dark for a long period of time.”

— Jenni Reid

Global stock markets have pared some of their initial enthusiasm on the news Wednesday night that the U.S. Court of International Trade has ordered President Donald Trump’s “reciprocal” tariff orders be vacated.

Much commentary on Thursday morning has centered on potential workarounds the Trump administration may find to continue with its controversial policy.

Europe’s Stoxx 600 index was 0.2% higher at 1:24 p.m. in London, down from gains of around 0.5% earlier in the session, with the U.K.’s FTSE 100 near-flat and Germany’s DAX up just 0.1%. Travel stocks led gains, with the sector up 1.15%.

U.S. stock futures remained positive, though cooled from gains seen in the early hours, while the euro and British pound both moved from losses to respective gains of 0.12% and 0.07% against the U.S. dollar.

— Jenni Reid

Outside of the reaction to U.S. tariffs facing a legal hurdle, U.K. building society Nationwide has reported a 30% jump in annual statutory profit before tax, which rose to £2.3 billion ($3.1 billion) in the year to March.

The company said it returned a record £2.8 billion to its members in its 2025 fiscal year, citing record growth in mortgages and retail banking deposits, as well as “excellent cost discipline,” following its acquisition of Virgin Money.

CEO Debbie Crosbie touted Nationwide’s “outstanding” year in a statement alongside the results, while Chairman Kevin Parry said the Virgin Money deal “represented a significant strategic advance for Nationwide.”

— Chloe Taylor