Highlights
Risk-off move under way in global markets as investors react to Trump's threat to impose new tariffs on European countries who resist his wish to take over Greenland. That risks blowing up the painfully-negotiated US-EU trade deal, now on hold. A move on Greenland risks destroying the Atlantic alliance and the global world order but markets have trouble knowing what to make of that.
In the latest twist, Trump explains his rationale for seizing Greenland includes his affront that Norway's Nobel committee awarded the peace prize to someone else. Here is an excerpt from the letter he wrote to Norway's prime minister, Jonas Gahr Støre:
"Dear Jonas: Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace., although it will always be predominant , but can now think about what is good and proper for the United States of America. Denmark cannot protect that land from Russia or China, and why do they have a"right of ownership" anyway? There are no written documents, it's only a boat landed there hundreds of years ago, but we had boats landing there, also. I have done more for NATO than any other person since its founding, and now, NATO should do something for the United States. The world is not secure unless we have Complete and Total Control of Greenland. Thank you! President DJT"
There are plenty of ways Trump could dial back the dispute over Greenland as European leaders appear keen on working things out. For now, Trump is keeping up the pressure. The move in markets remains relatively modest for now, presumably reflecting the view that Trump will back down.
In the latest twist, Trump explains his rationale for seizing Greenland includes his affront that Norway's Nobel committee awarded the peace prize to someone else. Here is an excerpt from the letter he wrote to Norway's prime minister, Jonas Gahr Støre:
"Dear Jonas: Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace., although it will always be predominant , but can now think about what is good and proper for the United States of America. Denmark cannot protect that land from Russia or China, and why do they have a"right of ownership" anyway? There are no written documents, it's only a boat landed there hundreds of years ago, but we had boats landing there, also. I have done more for NATO than any other person since its founding, and now, NATO should do something for the United States. The world is not secure unless we have Complete and Total Control of Greenland. Thank you! President DJT"
There are plenty of ways Trump could dial back the dispute over Greenland as European leaders appear keen on working things out. For now, Trump is keeping up the pressure. The move in markets remains relatively modest for now, presumably reflecting the view that Trump will back down.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
