European and US stock futures fell and haven assets such as gold rallied after President Donald Trump proposed new levies on eight countries that have opposed his plans to acquire Greenland. The dollar weakened against most of its major peers. European equity-index futures dropped 1.1% and S&P 500 contracts declined 0.9% as tariff-related concerns weighed on markets. Asian shares pared earlier losses to trade flat, while South Korea — a bellwether for artificial intelligence investment — gained 1.3%. Demand for havens pushed gold up 1.6% to $4,670 an ounce and silver 3.3% higher, with both metals hitting record highs. Bitcoin and other cryptocurrencies retreated. The euro reversed early losses to trade higher, while Treasury futures gained along with German and French bond futures. There will be no cash trading in Treasuries due to a holiday in the US on Monday. Tariff concerns are resurfacing at a time when risk appetite has been underpinned by resilient corporate earnings and sustained investment linked to artificial intelligence. Trump’s latest threats pose a fresh test for stock markets, which have climbed to record highs on an AI-led rally after rebounding from the April selloff triggered by century-high US levies. Trump on Saturday announced a 10% tariff as of Feb. 1 on goods from European countries that have rallied to support Greenland in the face of US threats to seize the semi-autonomous Danish territory. He said the levies would increase to 25% in June unless and until “a Deal is reached for the Complete and Total purchase of Greenland.” The tariffs will apply to Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland. The move drew quick rebukes from European leaders, who are now poised to halt the approval of the trade agreement struck last year. Bloomberg reported that French President Emmanuel Macron may request the activation of the EU’s anti-coercion instrument — the bloc’s most powerful retaliation tool. Trump’s threats raise the possibility of European governments trimming their holdings of US assets, supporting the euro, according to George Saravelos, Deutsche Bank’s global head of FX research. Europe is the US’s largest lender with its countries owning $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined. Meanwhile, China’s gross domestic product rose 5%, according to data released by the National Bureau of Statistics on Monday, confirming an estimate given by President Xi Jinping in a speech on New Year’s Eve and matching the expansion in 2024. Chinese gauges fluctuated even after the country’s economic growth met the government’s target. Traders were also watching Japan, where Prime Minister Sanae Takaichi is set to lay out her plans at a press conference later Monday for an election expected to be held as soon as Feb. 8. The yield on 30-year debt climbed 10 basis points to 3.58%, its highest level since its debut, while rates on 10- and 20-year notes rose to their highest levels since 1999. Attention later will shift to the European open, with the region’s equities likely to bear the brunt of any selloff, according to strategists. While Trump’s threats have reignited the ‘Sell America’ trade, traders anticipate a quick rebound could support the dollar, according to David Forrester, a senior strategist at Credit Agricole in Singapore.
Nikkei -0.65% Hang Seng -1.04% CSI -0.08% Shanghai +0.19% Shenzen +0.38%
Eur$ 1.1635 CNH 6.9583 CNY 6.9632 JPY 157.85 GBP 1.3401 CHF 0.7984 RUB 78.1809 TRY 43.2687 WTI$ 59.46 +0.03% Gold 4;670 +1.60% BTC 92;550 -2.97% ETH 3,199 -2.97% SOL 133.56 -6.35%
S&P -0.79% Nasdaq -1.08% EuroStoxx -1.52% FTSE -0.39% Dax -1.35% SMI -0.86%
Macro :
- EU Aims to Fight Industrial Decline With ‘Made in Europe’ Law
- Lutnick Says Some Korean, Taiwanese Firms Risk 100% Chip Tariffs
- Bank of England alarm as hedge fund gilts bets hit £100bn
- Brazil’s Billionaire Batistas Poised for Venezuelan Oil Revival
- Gold Rally Gets Fresh Legs From Trump Greenland Tariffs: In Play
- ‘No Reasons to Own’: Software Stocks Sink on Fear of New AI Tool
- Fintech Tycoon’s Startup Platform Merges With Milan Tech Hubs
- Trump Says Mamdani Facing ‘Big Test’ From NYSE’s Texas Outpost
Keep an eye on :
Keep an eye on :
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