Squawk Box Europe Express

Indian Prime Minister Narendra Modi hails a ‘big agreement’ struck with Brussels while European Commission President Ursula Von Der Leyen says the deal removes almost all trade barriers with a new a free trade zone of 2bn people. President Trump has increased tariffs on South Korean autos and other goods to 25 per cent. Metals are up at new record highs due to geo-political uncertainties with silver on course for its best month in more than 40 years. And in retail news, China’s Anta moves to acquire a 29 per cent in German sportswear brand Puma.
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Gold continues its upward trajectory, bypassing the $5,000/oz for the first time ever as investors seek security due to geo-political risks. President Trump threatens Canada with 100 per cent tariffs sho8uld is seal a trade deal with China but Prime Minister Mark Carney says he was not pursuing an FTA with Beijing. A partial U.S. government shutdown looms as Democrats are set to vote against an ICE funding extension after a second fatality by federal agents in Minneapolis.
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Ukrainian President Volodomyr Zelenskyy slams Europe’s ‘lost’ leaders during his address at the WEF in Davos, calling for action, not words in response to Russia’s invasion of his country. Nineteen nations sign up to President Trump’s Board of Peace despite a lack of commitment from key European nations. The leaders of Paraguay and Kosovo tell CNBC that sceptical nations will eventually come around to the initiative. Crude prices bounce back following President Trump’s claims he would renew attacks on Tehran should it attempt to revive its nuclear programme. Trump also moves to sue JP Morgan and its CEO Jamie Dimon for $5bn accusing the lender of allegedly debanking his accounts for political motives.
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President Trump tells CNBC’s Joe Kernen he has ‘the concept of a deal’ over Greenland and has stood down his threat of tariffs as a result. The reversal sends U.S. equities back into the green with the S&P 500 posting its best session since November and European futures point to a rebound as well. President Trump prepares for a signing ceremony for his Board of Peace in Davos but some leaders have so far declined to join. Dutch Prime Minister Dick Schoof tells CNBC his government still has reservations about the agreement. And there are hopes of a bilateral meeting between President Trump and Ukrainian President Volodomyr Zelenskyy. Polish President Karol Nawrocki warns this channel that Russia will plan to attack Europe in the future irrespective of a Ukrainian peace deal.
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U.S. markets endure their worst session since October as the President Trump ratchets up tariff tensions over Greenland. Speaking on a CNBC panel of central bank governors, Bundesbank President Joachim Nagel warns against the investigation into Federal Reserve Chairman Jerome Powell. French President Emmanuel Macron and Canadian Prime Minister Mark Carney bemoan the U.S. administration’s ‘rupture’ from hitherto established foreign policy strategies.
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