Greenland Push Shakes Davos, No Supreme Ct. Tariff Ruling, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Nathan Hager. A spirit of dialogue is the theme at this year's World Economic Forum in Davos, Switzerland. But right now, much of the dialogue is focused on Greenland and President Trump's push to take control of Denmark's Arctic island.
How is President Trump's Greenland proposal dominating discussions at Davos?
French President Emmanuel Macron.
Let's not waste time with crazy ideas. Let's not open Pandora box or new topics. And it's not a time for new imperialism or new colonialism.
Canadian Prime Minister Mark Carney.
We stand firmly. with Greenland and Denmark and fully support their unique right to determine Greenland's future.
Both leaders spoke after President Trump renewed his claim to the island and threatened higher tariffs on countries that stand in his way. Bloomberg's Lisa Abramowitz is covering in Davos.
This is a Davos about fissures in the global order and a rearranging in some of the alliances. And that really is one of the hot topics.
What reactions did world leaders like Macron and Canada give about the Greenland bid?
Greenland, obviously, is sucking a lot of oxygen out of the room. And you have You know, some 400 world leaders here, a record getting together. And Donald Trump is very much on the forefront of their mind.
Bloomberg's Lisa Abramowitz reporting from the World Economic Forum. Treasury Secretary Scott Besant is urging allies to remain calm and honor their trade commitments despite President Trump's Greenland push. But Denmark's pension fund for teachers is planning to exit U.S. treasuries at the end of the month. The fund's chief investment officer tells Bloomberg the U.S. is basically not a good credit. Guggenheim Partners Chief Investment Officer Ann Walsh says this could be more of a sentiment move.
Where do you invest when there's such uncertainty? And so that sentiment is really pervading the markets. It hasn't really settled into the markets because I think there's really a sense that perhaps... This will all settle down.
Anne Walsh of Guggenheim Partners spoke with Bloomberg from Davos. In the meantime, Greenland's prime minister says residents should prepare for a possible military invasion, even if it remains an unlikely scenario. And a report in Canada's Globe and Mail says the Canadian military's modeled how it would respond to a U.S. invasion as well. Government officials tell the paper they also consider it a highly unlikely scenario, but the report says it would include tactics... similar to those used in Afghanistan against Russian and later U.S.-led forces. All this as President Trump prepares to bring his affordability pitch to the global elites tomorrow. Bloomberg's Kasia Klimashinska has more on that.
He wants more Americans to buy houses for people to be more eager to move around. And he has already announced asset purchase, so billions of dollars in mortgage bond purchases that Bloomberg's Kasia Klimashinska in Washington.
But the Greenland pressure is putting pressure on the markets today. Right now, the S&P 500 and the Dow Jones Industrial Average are lower by 1.1%. The Nasdaq Composite's down 1.3%. Ten-year Treasury yield is up more than five basis points to 4.27%. The longer-dated 30-year bond is up more than six basis points at 4.90%.
How are Davos delegates and markets responding to Greenland-related geopolitical risk?
There's still no decision from the Supreme Court on President Trump's tariffs. Today was the high court's third chance this year to issue a ruling on the president's signature economic policy. It's the third time the justices declined to do so. It means their next opportunity probably won't come till February 20th. The high court is preparing for a four-week recess. Before that, the justices hear arguments tomorrow on President Trump's bid to fire Fed Governor Lisa Cook. Fed Chair Jerome Powell reportedly plans to attend. Treasury Secretary Scott Besson says that would be a mistake. Because if you're trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake.
Treasury Secretary Scott Besson appeared on CNBC this morning from Davos. Turning back to Wall Street, Netflix shares are higher by nearly 1%. The streaming giants amended its takeover offer for Warner Bros.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:15
2
How is President Trump's Greenland proposal dominating discussions at Davos?
0:15–0:54
3
What reactions did world leaders like Macron and Canada give about the Greenland bid?
0:54–3:06
4
How are Davos delegates and markets responding to Greenland-related geopolitical risk?
3:06–5:00
Speakers
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