(fxcue news) - European stocks may open on a buoyant note Thursday as chip giant Nvidia reported better-than-expected earnings and revenue, and a U.S. federal court blocked President Donald Trump's attempt to impose sweeping tariffs under emergency powers, dealing a blow to a key part of his economic agenda. Nvidia Chief Executive Officer Jensen Huang soothed investor fears about a China slowdown and said that the AI computing market is still poised for "exponential growth." In contrast, computer and printer maker HP cut its annual profit forecast, citing increasing tariff costs and rising macroeconomic uncertainties. On the tariff front, a three-judge panel at the U.S. Court of International Trade ruled that the worldwide and retaliatory tariff orders exceed any authority granted to the President by International Emergency Economic Powers Act to regulate importation by means of tariffs. The decision can be appealed up to the Supreme Court but if higher courts embrace the trade court's reasoning, it will be difficult for Trump to continue his trade war. Meanwhile, Trump pushed back against those using the term "TACO trade" — "Trump Always Chickens Out" — to describe how markets view his tariff moves, saying his changing tariff plans have helped gain ground in trade talks. Asian markets were broadly higher despite a significant escalation of U.S. technology clampdown on China. According to reports, the Trump administration has stopped some critical products and technologies made only in the United States from flowing to China. Products affected include design software and chemicals for semiconductors, butane and ethane, machine tools, and aviation equipment. A stronger dollar amid a run-up in Treasury yields due to diminished expectations for near-term Federal Reserve rate cuts weighed on safe-haven assets, including gold and the Japanese yen. Oil prices jumped more than 1 percent after industry data showed a surprise draw in U.S. inventories last week. Overnight, U.S. stocks ended lower as investors digested hawkish FOMC minutes and braced for Nvidia's earnings results. According to minutes from the Federal Reserve's May 6-7 meeting, "almost all" Fed officials judged that downside risks to employment and ... upside risks to inflation had risen, primarily reflecting the potential effects of tariff increases. The Dow and the S&P 500 both fell around 0.6 percent, while the tech-heavy Nasdaq Composite declined half a percent. European stocks also closed lower on Wednesday due to U.S. deficit concerns and Trump's ever-shifting tariff policies. The pan European STOXX 600 fell 0.6 percent. The German DAX shed 0.8 percent, France's CAC 40 dipped half a percent and the U.K.'s FTSE 100 gave up 0.6 percent.