Greenland heats up; Japan’s Liz Truss moment
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Why are Greenland tensions rattling global markets today?
Well, markets are rattled by Greenland it seems amid fears that the US European trade and intelligence relationship might be permanently wounded. And Trump not going to Davos, he's gonna appear virtually later, whilst completely unrelated. A big bond sell off in Japan. Could they have just had their list trust moment? It's Wednesdays, the twenty first of January twenty twenty six. It's the morning call from NAB. Good morning. Well the US dollar has fallen further. It's down another one percent to ninety-eight point four on the DXY. The Aussie is up 0.4% to 67.4 US cents. Uh in the euro is up three quarters of one percent. Gold though, pushing ever higher. Comics gold is up three and a half percent today, one point eight percent for spot in both cases, well into new highs.
Silver is up six point four percent, again another new high. Uh Also rising is oil, up 2% for WTI, getting over 60 a barrel, 1.6% for Brent, almost at 65 a barrel. And the share market has taken a hit as well, down 1.7% for the Nasdaq, 1.3% for the SP, 1% for the DAX. The Eurostox 50 is down 0.6%. And bond yields are higher. Up five basis points for 10 year treasuries to 4.27%. Up four for Gilts, two for Germany. Bunn's, Japan's ten year yields are up nine basis points. Uh we'll come onto that today. And Australia up to four point seven eight percent yesterday for ten years, and up another five basis points on futures overnight. So Trump uh talking at Davos today, of course, virtually, I think actually.
Uh here's Nabs, Ken Compton, and it seems Greenland. Really is influencing markets. Look, we've got the dollar down, bond yields up, m the metals really the uh skyrocketing uh and the share market down. Right a couple.
Yeah, you want to feel it's a bit of a redux of some of the the market moves back from April last year, isn't it?
How are US‑European trade and intelligence ties being reshaped by the Greenland fallout?
With the the influence of um uh President Trump's pronouncements. Um, you know, certainly doubling down on the rhetoric um uh overnight or at least over the past few days with comments like, you know, w we need to have Greenland and we we have to have it, we're gonna get it, um, and further um sort of information of the rhetoric on potential for retaliatory tariffs against Europe as well. Well I see um obviously one of the European leaders that's taken the s the strongest stand against um uh against President Trump's announcements there has been uh President Macron in France and I think the um the the pushback last night from President Trump was a threat of um you know two hundred percent tariffs on French wine.
So we're starting to to get those, you know, those those usual sort of um th those usual sort of push pushbacks you get. But
Not everyone is c he's not kowtowing to him, that's the difference, isn't it? 'Cause Macron's saying we don't give in to bullies. Uh so it's uh uh there's a broader question here about just how permanent this is in terms of US European relations, just how much, for example, data sharing is gonna happen from this point on between the US and Europe and whether Europe will uh will retaliate. Uh this this feels It's a bit more embedded than, you know, your normal uh Donald Trump spec.
It does. And I guess that's the difficult thing for markets to to grapple with is that the pretty much since the backdown after nine days of the Liberation Day tariffs last year, the market has certainly leaned more towards the the the the the taco narrative, the the th that eventually Trump will w will have a meaningful back down. Um and we've probably seen that to some extent. But the reality is market reaction has been you know sort of reasonably limited. Yeah, there are some massive Moves in the Japanese market we'll we'll mention at some point, but that's um got strong roots in domestic factors and that has spilled over into other things overnight. But you know, but at this point, you know, we are talking about you know, sure, treasury yields are up, but they're up to four point two seven percent for the 10 year, which is um sure that's the high for the year, but that's well within the the trading ranges of of even late last year.
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Chapters
6 chapters
1
Why are Greenland tensions rattling global markets today?
0:01–1:50
2
How are US‑European trade and intelligence ties being reshaped by the Greenland fallout?
1:50–5:21
3
What’s driving the surge in gold, silver and oil prices this morning?
5:21–8:35
4
Why is Japan experiencing a “Liz Truss moment” bond sell‑off?
8:35–11:26
5
How are Japanese tax‑cut proposals affecting ultra‑long‑term JGB yields?
11:26–13:47
6
What do the latest Australian consumer‑spending figures reveal about year‑end trends?
13:47–15:33