Latest Business News
US Stock Futures Sink After Trump Warns of 10% Tariffs on 8 European Countries Over Greenland
U.S. stock futures skidded sharply after President Trump threatened 10% extra tariffs on imports from Denmark, Norway, Sweden, France, Germany, UK, Netherlands, and Finland starting Feb. 1, escalating to 25% in June unless Greenland is sold to the US. This ignited geopolitical risks, with S&P 500 futures down 1.11%, STOXX Europe 600 down 1.24%, and Hang Seng losing 1.1%.
Gold hit a fresh record high amid haven demand, rising 1.8%, while Bitcoin tumbled.
Davos World Economic Forum Dominated by Trump-Greenland Tensions and Tariff Fears
The World Economic Forum in Davos begins with all eyes on President Trump amid his Greenland tariff threats against Europe, prompting vows of retaliation. Key topics include geopolitics, trade wars, and AI, with leaders gathering despite airspace restrictions for private jets.
Europe's potential $8 trillion Treasury sell-off and Big Tech restrictions loom as responses.
Gold Surges to Record Highs as Tariff Woes Boost Safe-Haven Demand
Gold prices climbed 1.8% to a new record, with silver jumping 5.3%, driven by Trump's tariff threats reintroducing trade uncertainty. Investors flock to havens amid global market sell-off and geopolitical risks from the Greenland dispute.
Brent crude fell to $63.79 a barrel.
Asian Markets Mixed: Nikkei Down, Kospi Hits Record on Tech Gains
Hong Kong's Hang Seng fell 1.1% to 26,563.90, Tokyo's Nikkei 225 declined 0.7% to 53,583.57, while South Korea's Kospi surged 1.3% to 4,904.66 on SK Hynix gains. Shanghai Composite gained 0.3%, Taiwan's Taiex added 0.7%, but India's Sensex dropped 0.6%.
Japanese PM Takaichi prepares snap election amid 'Takaichi Trade' risks from inflation and yen slump.
BlackRock's Rick Rieder Gains Traction as Trump's Fed Chair Candidate
BlackRock's chief investment officer Rick Rieder is emerging as a leading contender for Fed chair, viewed as easier to confirm amid Trump's search. Markets await U.S. PCE inflation data this week, the Fed's preferred gauge.
Rieder bid accelerates as central banks in Japan, Indonesia, and Malaysia hold rates.
China Expands Yuan Footprint in Africa to Cut Dollar Dependence
China shifts focus to financial integration with Africa via yuan usage, reducing dollar reliance. Nigeria tops Belt and Road beneficiary with $24.6bn GRIP megaproject in 2025.
Saudi Arabia launches gold market in Africa, buying Sudanese bullion to challenge Dubai.
Canada and China Strike Trade Deal Lowering Barriers Amid Trump Tensions
Canada and China agreed to cut trade barriers, with China easing canola tariffs and Canada allowing 50,000 Chinese EVs, countering Trump's agenda. This rebuilds ties for Ottawa as U.S. tariff threats escalate.
Deal signals shifting alliances in global trade.
Europe Considers Retaliatory Tariffs and Treasury Dump Over Trump's Greenland Push
Europe eyes retaliatory tariffs on U.S. Big Tech and restrictions, plus an $8 trillion 'sell America' Treasury weapon against Trump's Greenland ambitions. Defense stocks like Rheinmetall, BAE Systems, and Thales rise on rift prospects.
EU weighs response as Trump meets leaders at Davos.
FedEx CEO Pushes for 'Super Humanoid Robots' in Warehouses
FedEx CEO Raj Subramaniam says regular humanoid robots lack elbows needed for warehouse tasks, advocating advanced versions for automation. This highlights ongoing tech hiring resilience in data science despite post-COVID drops.
Ford CEO warns of U.S. AI ambitions stalled by blue-collar labor shortages for data centers.
Bitcoin Tumbles, China Growth Slows as Markets Brace for Davos Geopolitics
Bitcoin accelerated its decline to $93K amid tariff fears and haven shifts to gold. China's economy met 5% growth target but momentum weakens, deepening slowdown outlook.
Davos centers on these imbalances with AI hype contrasting retail woes.
Supreme Court to Rule on Trump's Tariff Powers Under Emergency Act
Markets await U.S. Supreme Court judgment on Trump's use of the 1977 International Emergency Economic Powers Act for country-specific tariffs. This comes amid fresh Greenland threats amplifying trade uncertainty.
Investors cautious on tech-heavy Nasdaq futures.