(fxcue news) - Canadian shares look headed for a firm start on Thursday, with encouraging earnings by Royal Bank of Canada and Canadian Imperial Bank of Commerce, and a U.S. court ruling against U.S. President Donald Trump's sweeping tariff moves set to lift sentiment. The US Court of International Trade in Manhattan has ruled Trump had overstepped his authority in imposing across-the-board duties on imports from U.S. trade partners. The court also quashed duties imposed by Trump on Canada, Mexico and China under an emergency-powers law. Meanwhile, China has urged U.S. to "fully cancel the wrongful unilateral tariff measures." The Trump administration has filed an appeal against the federal court ruling. Royal Bank of Canada (RY.TO) reported net income of C$5.13 billion for the first-quarter, which was up 43% compared to the year-ago quarter. Adjusted earnings per share was C$3.62 in the first-quarter. Royal Bank of Canada said that it intends to commence a normal course issuer bid and to repurchase up to 35 million shares. Canadian Imperial Bank of Commerce (CM.TO) reported earnings of $2-billion, or $2.04 per share, for the first quarter of this fical year, up 15% from the same quarter last year. On the economic front, Canada recorded a current account deficit of C$2100 million in the first quarter of 2025. The Canadian market ended marginally up on Wednesday, closing higher for the fifth consecutive session. The benchmark S&P/TSX Composite Index closed up 14.45 points or 0.06% at 26283.45. Asian stocks ended mostly higher on Thursday, with tech stocks surging as Nvidia posted first-quarter earnings and revenue ahead of estimates, helping ease fears of a China slowdown. Sentiment was also underpinned after a U.S. trade court blocked President Donald Trump's "Liberation Day" import tariffs from going into effect, ruling that he did not have "unbounded authority" to tax imports from nearly every country. European stocks are broadly higher with investors cheering a U.S. trade court's ruling that blocks U.S. President Donald Trump's sweeping tariffs levies on its trading partners. In commodities trading, West Texas Intermediate Crude oil futures are up $0.13 or 0.20% at $61.97 a barrel. Gold futures are gaining $42.90 or 1.3% at $3,337.80 an ounce, while Silver futures are up $0.405 or 1.22% at $33.565 an ounce.