Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Lizzie Burden.
And I'm Stephen Carroll.
The US Treasury Secretary Scott Besant has pushed back aggressively after a Danish pension fund said that it plans to sell its holdings by the end of the month. Academica Pension, which has about $100 million in US treasuries, cited US fiscal policies and Trump's desire to own Greenland as reasons for the decision.
Chapter 2: Why did the Danish pension fund decide to sell its US Treasury holdings?
But speaking to Bloomberg's journalist in Davos this morning, Scott Besant had this response.
Well, Denmark's investment in U.S. Treasury bonds, like Denmark itself, is irrelevant. It's less than $100 million. They've been selling Treasuries for years. I'm not concerned at all.
Scott Besson's comments come after Tuesday's US market rout that saw the S&P 500 erase its 2026 gains as it logged its worst day since October. And Bob Michael, JPMorgan Asset Management's global head of fixed income, says those moves shouldn't be ignored.
I think this is a message from market participants to the administration, we can only go so far. And they've got to figure out where the line is. I think what Besson forgot to include was, yeah, the market had a fit in April, and then they backed off of a lot of things, and then calm ensued.
Bob Michael spoke to Bloomberg as one measure tracking US stocks, treasuries, corporate bonds and Bitcoin showed that Tuesday marked the worst session since April's tariff-induced sell-off.
The market ructions come as US President Donald Trump dismissed threats of retaliation from the European Union over his desire for Greenland. Over the weekend, Trump announced tariffs on goods from eight European countries unless he secured a deal to purchase the Arctic Territory.
When asked whether those levies could trigger the EU to break US investment pledges agreed last summer, here's what the president responded.
I doubt it. Look, they need that agreement very badly with us. They really do. They fought very hard to get it. So I doubt that. But we'll see what happens. We have a lot of meetings scheduled on Greenland.
Trump was also asked how far he was willing to go to secure Greenland.
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Chapter 3: What are Scott Besant's views on Denmark's relevance to US Treasuries?
His response, quote, you'll find out. The US president's move to strong-arm Europe into a Greenland deal is likely to dominate his appearance at the World Economic Forum in Davos later. In his address to the event, French President Emmanuel Macron accused Trump of trying to subordinate the EU.
Without collective governance, cooperation gives way to relentless competition. Competition from the United States of America, through trade agreements that undermine our export interests, demand maximum concessions, and openly aim to weaken and subordinate Europe.
Macron spoke after Trump threatened France with a 200% tariff on its wines if Macron didn't join his so-called Board of Peace for Gaza. Meanwhile, Greenland's prime minister said the Arctic island's population and authorities need to start preparing for a possible military invasion, even if it remains an unlikely scenario. UK inflation accelerated for the first time in five months in December.
Consumer prices rose by 3.4% from a year earlier, up from 3.2% pace the previous month. It was slightly higher than the 3.3% predicted by economists. However, the pickup is expected to be temporary, with government measures set to dampen price pressures in the spring.
That's news when you want it with Bloomberg News Now. I'm Lizzie Burden.
And I'm Stephen Carroll. And this is Bloomberg.
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