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.
After a bruising week for transatlantic ties, European leaders are now trying to refocus their urgent security and economic priorities. At an emergency summit in Brussels, the EU sought to find ways to move on after the US president delivered a sobering reality check on the world's most important economic relationship.
Chapter 2: What challenges are European leaders facing in their relations with the US?
Here's Kaya Callas, the EU's High Representative for Foreign Affairs and Security Policy.
The real issue is Ukraine right now. And that's why, you know, any kind of disagreements that we have between allies, our adversaries like Russia and China are really enjoying this show.
Claire Callas was speaking to Bloomberg as EU leaders this week have called for unity but diverged on how best to handle relations with the United States. German Chancellor Friedrich Merz has urged his colleagues to react calmly to Trump's provocations. Meanwhile, France's Emmanuel Macron explicitly attacked the president's strategy, calling it an attempt to weaken and subordinate Europe.
Well, turning next to the commentary that we heard from the World Economic Forum from Canada's Mark Carney that most clearly spelled out the challenge confronting Europe. On Tuesday, Carney warned that the rules-based international order was effectively dead and argued that mid-sized powers must form new alliances to resist coercion from aggressive superpowers.
After returning to Canada, the Prime Minister talked about his country's role in this new global order.
In a time of democratic decline, we can show how rights can be protected and equal freedoms endure.
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Chapter 3: How is Europe responding to security concerns regarding Ukraine?
In a time of rising walls and thickening borders, we can demonstrate how a country can be both open and secure, welcoming and strong, principled and powerful.
Canada's Mark Carney speaking there. His latest comments came after President Trump took another swipe at the Prime Minister, saying that Canada lives because of the United States. Remember that, Mark, the next time you make your statements.
Well, the highly charged rhetoric came as sources told Bloomberg that the U.S. wants to rewrite its current defense agreement with Denmark to remove any limits on its military presence in Greenland. On his way back from Davos to the U.S., President Trump was asked whether his framework deal would give the United States sovereignty over pockets of land in the Arctic Territory.
That was discussed. We can do anything we want. We can do military.
Chapter 4: What did Mark Carney say about the international order and alliances?
We can do anything we want. And it's being negotiated. And let's see what happens. I think it'll be good.
President Trump speaking there. The European Parliament is now expected to vote on ratifying the EU-US trade deal after he walked back his latest threat to impose extra tariffs on European allies. But despite signs that geopolitical tensions may be easing, markets remain apprehensive, with gold rising close to $5,000 an ounce.
With tensions over Greenland on hold for now, the EU is seeking to refocus attention on Ukraine's future. US envoy Steve Witkoff and Jared Kushner held four hours of talks in Moscow with President Putin without making progress on the issue of territory. The talks came as Ukraine's President Zelensky used his speech in Davos to criticise Europe for relying too much on American support.
Dear friends, we should not degrade ourselves to secondary roles, not when we have a chance to be a great power together. We should not accept that Europe is just a salad of small and middle powers seasoned with enemies of Europe. When united, we are truly invincible.
President Zelensky says top Ukrainian officials will attend planned talks with the US and Russia in the United Arab Emirates.
Meanwhile, TikTok and its Chinese parent company ByteDance have closed a long-awaited deal with American investors to operate its US business and avoid a nationwide ban. The social media company has established a majority US-owned entity with three managing investors, Oracle, Silverlake and MGX, each holding a 15% stake in the new venture.
The sale concludes a years-long regulatory tug-of-war that threatened to shut the app down in the United States over data and national security concerns.
The UK's Prime Minister Keir Starmer is bracing for a potential leadership showdown after an MP stepped down in Manchester. The move opens a pathway for long-term political rival Andy Burnham to potentially challenge the PM. 30-year guilt shields briefly swung 10 basis points higher on the news before pairing losses.
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Chapter 5: What are the implications of the US military presence in Greenland?
Bloomberg's James Wilcock has more.
UK politics looks fragile. Although a recent GFK survey says many Britons are becoming more worried about the economic outlook, the political outlook is starting to drive the market narrative. Hedge funds are taking notice of Labour plots to replace Prime Minister Keir Starmer, taking long volatility positions in sterling. The other challenger on the horizon, reform UK's Nigel Farage.
At Davos, he told Bloomberg he had a very different vision for growth.
Well, given what a catastrophe UK economic policy has been over the last 15 years, I think we should challenge every single tenant of it.
Farage's big test for popularity is local elections in May, which is when many of those hedge fund volvets are set to expire. It's become a moment of danger for the Prime Minister. In London, James Walcock, Bloomberg Radio.
Those are your top stories on the markets. The stock 600 is down a tenth of a percent seven minutes into the cash trade here in Europe. The FTSE 100 is flat to the upside. And on Wall Street, S&P E-mini futures are up a tenth of a percent.
That's news when you want it with Bloomberg News Now.
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Chapter 6: What role does President Zelensky envision for Ukraine in Europe?
I'm Stephen Carroll.
And I'm Lizzie Burden. And this is Bloomberg.