Squawk Box Europe Express

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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Wall Street futures are in the red as U.S.-Europe tensions over the fate of Greenland concern global markets. Prior to leaving for the WEF in Davos, Switzerland, President Trump said only the U.S. can adequately protect the Arctic territory and he threatened to increase tariffs on French wine and champagne after President Macron declined his invitation to the Gaza Board of Peace. U.S. Treasury Secretary Scott Bessent dismisses ‘unwise’ European retaliatory tariffs while Siemens Energy Chairman Joe Kaeser tells CNBC dialogue between Brussels and the White House must continue.
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President Trump has warned 8 European countries of further tariffs should they block the U.S. from acquiring Greenland by June. U.S. Treasury Secretary Scott Bessent, says European leaders will eventually be convinced the move is beneficial to the collective security of all NATO members. However, EU leaders will hold an emergency summit this week where French President Macron is expected to urge the bloc to launch almost €100bn of retaliatory tariffs and to employ its anti-coercion trade ‘bazooka’ instrument against Washington. China achieves its 5 per cent GDP growth target for 2025 thanks to booming exports but moribund domestic consumption weighs on the data.
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