Chapter 1: What is the main topic discussed in this episode?
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, Head of Government and Economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond.
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And I'm Stephen Carroll.
The US Treasury Secretary Scott Besant has pushed back aggressively after a Danish pension fund said 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. But speaking to journalists 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 Besant'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. Bob Michael, JP Morgan Asset Management's global head of fixed income, says the 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.
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Chapter 2: What is the significance of Denmark's pushback against US Treasury policies?
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 its so-called Board of Peace for Gaza. Meanwhile, Greenland's prime minister has said the Arctic island's population and authorities need to start preparing for a possible military invasion, even if it remains an unlikely scenario.
New data shows UK inflation accelerating for the first time in five months. Consumer prices rose by 3.4% from a year earlier in December. That's up from the previous month and slightly higher than the 3.3% expected by economists.
Chapter 3: What reasons did Academica Pension give for selling US Treasuries?
However, the pickup is expected to be temporary, with government measures set to dampen price pressures in the spring.
And tensions between Elon Musk and Ryanair CEO Michael O'Leary have spilled into a second week. Now the world's richest man is considering buying the Irish airline.
It's an unlikely crossover. One builds rockets, the other sells nine-euro flights in an entirely different orbit. But it seems Michael O'Leary and Elon Musk are on a collision course. The online feud reached new altitudes after O'Leary claimed he wouldn't install the Tesla CEO's Starlink technology on his fleet of planes last week.
Since then, the two leaders have exchanged insults on X, culminating in a poll posted to Musk's account on Monday asking followers if he should buy Ryanair. The prospect spooked investors on both sides.
Chapter 4: How did Scott Besant respond to Denmark's investment concerns?
Ryanair sales declined in Dublin trading, while shares in Tesla also closed lower. And any Musk takeover would require him to work around current EU regulations, which require European airlines to be majority owned and controlled by EU nationals. In London, Tiwa Adebayo, Bloomberg Radio.
And those are your top stories on the markets. The stock 600 down two tenths of 1%. Wall Street futures pointing to some recovery after yesterday's sell-off. S&P E-minis and Nasdaq futures both up three tenths of 1%. The 10-year Treasury yield is down two basis points at 4.27%. And gold prices up 2%, $4,859 an ounce.
That's news when you want it with Bloomberg News Now. I'm Lizzie Burden.
And I'm Stephen Carroll.
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