US President Donald Trump.
Image: MANDEL NGAN / AFP
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Trump backs down on Greenland tariffs
U.S. President Donald Trump abruptly stepped back on Wednesday from threats to impose tariffs as leverage to seize Greenland, ruled out the use of force and suggested a deal was in sight to end a dispute over the Danish territory that risked the deepest rupture in transatlantic relations in decades. Travelling in Davos, Switzerland, Trump backed down, for now, from weeks of rhetoric that shook the NATO alliance and risked a new global trade war. Trump had threatened at the weekend to impose rising tariffs on eight European countries' U.S.-bound exports. But after meeting with NATO Secretary General Mark Rutte at the Swiss Alpine resort, Trump said Western Arctic allies could forge a new deal over the strategic island territory of 57,000 people that satisfies his desire for a "Golden Dome" missile-defence system and access to critical minerals while blocking Russia and China's ambitions in the Arctic.
Netflix co-CEOs go on the defensive over the $83 billion Warner Bros deal
Netflix's co-CEOs found themselves in an unusual position after the company's latest earnings report: on the backfoot. The streaming pioneer's decision to plunk down nearly $83 billion on Warner Bros. ' assets marks a significant departure from the company's long-standing mantra: build, don't buy. Investors still aren't buying it. Shares were already under pressure even before Netflix made an offer for Warner Bros Discovery's studio and streaming assets. The stock, which has lost more than 15% since Netflix made its first offer on Dec. 5, was down nearly 4% in early trading on Wednesday as co-CEOs Ted Sarandos and Greg Peters found themselves having to explain the aggressive push that has forced them to suspend share buybacks. Sarandos noted how tech giants such as Alphabet's YouTube had changed what television viewing meant, forcing Netflix to change tack to keep up. The two said they had not expected to make an offer for the Warner assets when they first started the due diligence process.
Europe set to rally as Trump walks back Greenland threats
The dollar was higher, gold softer and stocks on the rebound on Thursday after U.S. President Donald Trump dropped tariff threats and ruled out seizing Greenland from an ally by force. Trump's theatrics and consequent tensions have kept markets on edge this week, prompting investors to take the latest developments with a pinch of salt even as relief was palpable. "Okay? Now everyone's saying 'oh, good,' that's probably the biggest statement I made because people thought I would use force. I don't have to use force, I don't want to use force, I won't use force."He added on his Truth Social platform that the U.S. and NATO had a framework for a deal and that he would not impose tariffs. European futures were 1.2% higher in the Asian afternoon, and FTSE futures rose 0.75%. On Wall Street, the S&P 500 had notched a 1.16% rise, its largest in two months, and futures were 0.3% higher through Asian trade. A bouncing dollar has pushed the euro back under $1.17, to $1.1686, and gold has dropped about $100 an ounce to $4,790 from a record high of $4,887. MSCI's broadest index of Asia-Pacific shares outside Japan rose around 1% and chipmaker gains in Seoul carried the KOSPI above 5,000 points for the first time.