Erica Herskowitz

Meanwhile, Fed Chair Jerome Powell says he will attend the Supreme Court's oral argument in a case involving the attempted firing of Fed Governor Lisa Cook.

The case will consider whether President Trump can fire Cook, who has been accused of mortgage fraud, an allegation she's denied.

If Trump succeeds in removing Cook, he could appoint another person to fill her slot, giving his appointees a majority on the Fed's board.

U.S.

markets are closed in observance of Martin Luther King Day, but market futures are reacting negatively to the latest on Greenland, with futures all down between three quarters and one and a half percent.

European stocks are also in the red.

The FTSE in London is down a third of a percent.

The CAC in Paris down more than one and a half percent.

The DAX in Germany down one and a quarter percent.

According to Spain's transport minister, at least 39 people have been killed and 159 injured in a high-speed train collision in southern Spain.

It happened last night when the tail end of a train carrying 289 passengers between Malaga and Madrid went off the rails and slammed into an incoming train with nearly 200 aboard.

The front carriage of that train plummeted down a steep slope, killing many of those on board.

Prime Minister Pedro Sanchez canceled his trip to Davos and declared three days of mourning.

Russian President Vladimir Putin's spokesman Dmitry Peskov says that Putin, quote, received through diplomatic channels, unquote, an invitation to join President Trump's Board of Peace for the reconstruction of Gaza.

Peskov says the Kremlin is reviewing the invitation and looking to get more details from the U.S.

Japanese Prime Minister Sanae Takeuchi has officially called an early election and promised a temporary sales tax cut on food if she wins a fresh mandate for her new coalition.

Takeuchi's government bond yields jumped as reports of the tax cut proposal renewed concerns about her stance on fiscal policy, with some food-related stocks rising on bets that lower levies would spur demand.

The prime minister is betting that her high personal approval ratings will give her a national mandate to pursue expansionary fiscal policies, including the sales tax cut, which economists say will cost around 5 trillion yen per year.

Bayer shares surged after the U.S.

Supreme Court said it would hear the company's appeal in a roundup case that could undercut thousands of lawsuits tied to the weed killer.