S&P, Nasdaq Extend Slide to 2%, Trump Doubles Down on Greenland, 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 Amy Morris. Stocks, bonds, and the dollar all fell.
What are the latest trends in stock market performance?
Rhetoric about a renewed trade war with the EU is ramping up. We check markets for you all day long here at Bloomberg.
How is the trade war rhetoric affecting global markets?
The S&P 500 is down nearly 2%. NASDAQ down 2.25%. The Dow down 1.8%. The 10-year Treasury yield at 4.28%. The 2-year yield at 3.59%. Bitcoin still falling, now down more than 3.8%. And safe havens, oil and gold are higher. Gold gaining 3.75%. Brent crude gaining about 9 tenths of a percent. NYMEX crude oil gaining 1.5%. Japanese Finance Minister Satsuki Katayama said, called on market participants to calm down after an intense day of bond selling pushed up yields on long-term government debt to the highest levels in decades. Greenland's prime minister says the population and authorities need to start preparing for a possible military invasion. even if that does remain unlikely. The government will form a task force and distribute new guidelines to the population, including a recommendation to store enough food in their homes for five days.
Treasury Secretary Scott Besson at Davos says there is a reason why President Trump has his sights set on Greenland.
There's the opportunity for the U.S. to become embroiled ex post into a kinetic war if another country moved in on Greenland and no country is going to assert control of Greenland if the U.S. controls Greenland.
Treasury Secretary Besson on the sidelines of the World Economic Forum's annual meeting in Davos. Former White House economic advisor Gary Cohn says he understands the president's ambition.
The question is, is this a negotiating posture to get a deal with Greenland, to get more rare earths, to get a larger naval and air force presence? And it may be. It does seem like that's on the table. And this may all evolve in a place where the United States ends up in a very good strategic position.
Gary Cohn is now vice chairman of IBM. He spoke with Bloomberg surveillance from the World Economic Forum at Davos. UK Chancellor of the Exchequer, Rachel Reeves, says Britain wants to reduce tensions with the US before the president arrives in Davos.
The strategic relationship between the US and UK, the military and strategic partnership between our countries is more important than... the partnership between any two countries in the world.
Reeves spoke at Bloomberg House in Davos. Trade Representative Jameson Greer says that trade agreements are focused on the wrong things.
I think trade should be focused on national interests and that we shouldn't be bound to agreements that tie our hands.
Trade Representative Greer spoke on the sidelines of the World Economic Forum. French President Emmanuel Macron says U.S. tariffs used as leverage against sovereignty are, quote, unacceptable, arguing that Europe should not hesitate to use its anti-coercion mechanism in retaliation.
Europe has very strong tools now, and we have to use them when we are not respected and when the rules of the game are not respected, by the way. The anti-coercion mechanism is a powerful instrument. And we should not hesitate to deploy it in today's tough environment. We must also advance the principle of European preference.
Macron spoke in a special address to the World Economic Forum. Finnish President Alexander Stubb says there is a short-term need to de-escalate language on Greenland, adding that he has been communicating with President Trump over the issue.
A lot of it is actually about person-to-person engagement. And the fact that I'm able to communicate directly with the president, puts me as president of Finland into good position. But I have no illusions about being a Trump whisperer.
Stubbs spoke with Bloomberg surveillance at the World Economic Forum, and Denmark's pension fund for teachers and academics says it will exit U.S. treasuries at the end of this month, in part because of the Greenland pressure, but also because there are concerns about fiscal discipline in the U.S. and a weaker dollar.
What are the implications of Greenland's military preparedness?
Anne Walsh is chief investment officer at Guggenheim Managers.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–0:05
2
What are the latest trends in stock market performance?
0:05–0:12
3
How is the trade war rhetoric affecting global markets?
0:12–4:03
4
What are the implications of Greenland's military preparedness?
4:03–5:19
5
Why is President Trump interested in Greenland's resources?
5:19–5:46
Speakers
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