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Stocks mostly steadied Wednesday as US President Donald Trump said in a much-anticipated speech at Davos that he would not use force to take control  of Greenland, though he did demand “immediate negotiations” to take control of the Danish arctic territory.Markets have tumbled this week after Trump threatened tariffs up to 25 percent on several European countries — including France, Germany, Britain and Denmark — in response to their opposition to his plans to take Greenland.But “investors found some relief after President Donald Trump’s speech at Davos was less confrontational than anticipated,” said Patrick Munnelly, strategist at Tickmill Group. “Trump assured that no military action would be taken in the Greenland dispute, calming market nerves.”In Europe, London and Paris closed marginally higher, while Frankfurt fell. In late morning trading in New York, the main Wall Street indexes were up less than one percent, though still well below last week’s levels. Trump’s threats have sparked warnings of retaliation at the World Economic Forum meeting in Davos, with European Union chief Ursula von der Leyen saying that the 27-nation bloc would be “unflinching” in its response.In his Davos speech, Trump touted the strength of the US economy and stressed what he said are the security imperatives for having control of Greenland.In Asian trading earlier Wednesday, Tokyo’s stock market fell, while Hong Kong and Shanghai rose. Netflix was down by more than 4 percent in New York despite strong earnings, as it gave only muted guidance for future growth.In company news, shares in British luxury fashion label Burberry jumped five percent in London after it posted a rise in sales as demand from China improved.In Paris, food group Danone slumped more than eight percent after one of its infant milk brands was recalled in Singapore.The dollar steadied after several downward sessions provoked by Trump’s tariff threats. “The fear narrative ran ahead of reality,” said Stephen Innes, managing partner at SPI Asset Management. “The idea of Europe dumping US assets en masse makes for a dramatic storyline, but it collapses under practical constraints. There are not enough deep alternative pools to absorb that kind of flow without severe dislocation.”  – Key figures at around 1645 GMT -New York – Dow: UP 0.8 percent at 48,864.95 pointsNew York – S&P 500 UP 0.6 percent at 6,837.51 New York – Nasdaq composite UP 0.5 percent at 23,064.68 London – FTSE 100: UP 0.1 percent at 10,138.09 (close)Paris – CAC 40: UP 0.1 percent at 8,069.17 (close)Frankfurt – DAX: DOWN 0.6 percent at 24,560.98 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 52,774.64 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 26,585.06 (close)Shanghai – Composite: UP 0.1 percent at 4,116.94 (close)Euro/dollar: DOWN at $1.1707 from $1.1719 on TuesdayPound/dollar: UP at $1.3441 from $1.3433Dollar/yen: DOWN at 158.13 yen from 158.21 yenEuro/pound: DOWN at 87.16 pence from 87.23 penceWest Texas Intermediate: UP 0.1 percent at $60.46 per barrelBrent North Sea Crude: UP 0.1 percent at $64.95 per barrel

Def Jam, the influential US record label, will launch a division in the “capital of Chinese hip-hop” Chengdu, its parent company Universal Music announced late Tuesday, in a vote of confidence for China’s music scene.The New York-based label worked on the first records of Public Enemy and Beastie Boys, as well as some albums from Jay-Z and Kanye West — all mainstays of American hip-hop.”China is one of the most important and dynamic music markets in the world today, with a new generation of artists shaping culture both locally and globally,” Adam Granite, executive vice president of market development at Universal Music, said in a statement. “Launching Def Jam Recordings China reflects our long-term commitment to this market and our belief that Chinese hip-hop has a powerful role to play in the global evolution of the genre.”Def Jam has also worked with African and European artists through its regional divisions. Chengdu is China’s fourth-largest city and the capital of southwestern Sichuan province, home to the country’s iconic giant pandas.Chengdu is “widely recognized for its vibrant music ecosystem and deep-rooted hip-hop culture,” Universal Music wrote in a press release. Higher Brothers, known for blending Mandarin and the local dialect, is one of the main hip-hop groups originating from the city. Def Jam will work with three acclaimed Chinese rappers — Xie Di, Yitai Wang and Deng Dianguo “DDG” — to help identify and mentor emerging artists. 

European stocks slipped and precious metals hit fresh highs Wednesday as investors awaited US President Donald Trump’s speech at Davos amid his push to seize Greenland.Markets have been stirred this week by Trump threatening up to 25 percent tariffs on several European countries — including France, Germany, Britain and Denmark — in response to their opposition to his Greenland plans.The move has sparked warnings of retaliation at the World Economic Forum meeting in Davos, with European Union chief Ursula von der Leyen saying that the 27-nation bloc would be “unflinching” in its response to Trump’s threats.US Treasury chief Scott Bessent on Wednesday urged Europeans to avoid “reflexive anger” and sit with Trump to hear his arguments.Eyes are now on the US president’s speech to the annual gathering of the world’s economic and political elite later in the day.”If he sticks to his guns about taking Greenland under US control, and if he continues to sideline his closest allies, then risk sentiment could take another dive lower,” said Kathleen Brooks, research director at trading group XTB.Concerns that the Greenland crisis could escalate saw precious metals — a go-to in times of turmoil — pushed to new peaks.Markets have sunk globally this week, and Wall Street’s three main indexes tanked Tuesday as they reopened after a long weekend.However, Wall Street futures pointed to a recovery Wednesday.In Asia, Tokyo’s stock market fell, while Hong Kong and Shanghai rose. Japanese bond yields settled back after surging on the back of a pledge by Prime Minister Sanae Takaichi to cut taxes if she wins a fresh mandate in the February snap election.Her comments saw 40-year yields surge more than a quarter of a percentage point to a record on Tuesday, marking the biggest jump since Trump’s “Liberation Day” tariff bombshell in April.But they fell back Wednesday after Finance Minister Satsuki Katayama called for “everyone in the market to calm down” and highlighted rising tax revenues and the country’s lowest reliance on debt issuance in three decades.In company news, shares in British luxury fashion label Burberry jumped five percent in London after it posted a rise in sales as demand from China improved.- Key figures at around 1100 GMT -London – FTSE 100: DOWN 0.1 percent at 10,113.83 pointsParis – CAC 40: DOWN 0.1 percent at 8,052.17Frankfurt – DAX: DOWN 0.8 percent at 24,513.93Tokyo – Nikkei 225: DOWN 0.4 percent at 52,774.64 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 26,585.06 (close)Shanghai – Composite: UP 0.1 percent at 4,116.94 (close)New York – Dow: DOWN 1.8 percent at 48,488.59 (close)Euro/dollar: DOWN at $1.1709 from $1.1719 on TuesdayPound/dollar: DOWN at $1.3403 from $1.3433Dollar/yen: DOWN at 158.04 yen from 158.21 yenEuro/pound: UP at 87.36 pence from 87.23 penceWest Texas Intermediate: DOWN 0.5 percent at $60.04 per barrelBrent North Sea Crude: DOWN 0.5 percent at $64.57 per barrel

Equities were mixed Wednesday following a rough start to the week fuelled by Donald Trump’s Greenland-linked tariff threats, while the uncertainty rattling through trading floors saw safe-haven precious metals hit fresh record highs.Japanese bond yields also settled back following Tuesday’s surge on the back of a pledge by Prime Minister Sanae Takaichi to cut taxes.The US president injected a fresh dose of volatility into markets Saturday after threatening to hit several European countries — including France, Germany, Britain and Denmark — with up to 25 percent tariffs over their opposition to his takeover of Greenland.The move has sparked a warning of retaliation, with French President Emmanuel Macron raising the possibility of deploying an unused, powerful instrument aimed at deterring economic coercion.Speaking at the Davos gathering in Switzerland, European Union chief Ursula von der Leyen warned Washington that hitting allied nations with punitive tariffs over Greenland would be a “mistake”.In response, US Treasury chief Scott Bessent said Monday that any retaliatory EU tariffs would be “unwise”.Markets have sunk globally this week, and Wall Street’s three main indexes tanked Tuesday as they reopened after a long weekend.On Wednesday Tokyo, Sydney, Singapore, Taipei, Wellington, Mumbai and Manila fell, while Hong Kong, Shanghai, Seoul, Bangkok and Jakarta rose. Wall Street futures advanced.London was barely moved at the open, while Paris and Frankfurt dipped.However, concerns that the Greenland crisis could grow saw precious metals — a go-to in times of turmoil — continue to hit new peaks.Gold topped out at $4,888.41 an ounce and silver touched $95.89.Eyes are now on Trump’s visit to the World Economic Forum at Davos later in the day.”Traders continue to monitor the prospects for an agreement around Trump’s claim on Greenland, alongside the ongoing pricing of risk that Trump subsequently raises tariffs on European imports… and whether Europe responds with impactful tariffs of its own,” wrote Chris Weston at Pepperstone.”The focus from traders now turns to Trump’s scheduled speech in Davos, but prior to that, the reaction and the ensuing price action through the Asian session.”Bond markets also saw some calm following Tuesday’s rally in Japanese yields to record highs after Takaichi called a snap election for February 8 and said she would suspend an eight-percent sales tax on food and beverages for two years if she wins a fresh mandate.Her comments saw 40-year yields surge more than a quarter of a percentage point to a record on Tuesday, marking the biggest jump since Trump’s “Liberation Day” tariff bombshell in April.The moves saw Bessent call Japanese Finance Minister Satsuki Katayama following a lift in Treasury yields.But they fell back Wednesday after Katayama called for “everyone in the market to calm down” and highlighted rising tax revenues and the country’s lowest reliance on debt issuance in three decades.However, Katsutoshi Inadome at Sumitomo Mitsui Trust Asset Management warned: “Katayama’s comments will have some impact on the market, but these are not the type of moves that can be stopped with just verbal intervention.”Bonds will likely be bought today, but the upside momentum is likely to gradually fade.”- Key figures at around 0815 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 52,774.64 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 26,585.06 (close)Shanghai – Composite: UP 0.1 percent at 4,116.94 (close)London – FTSE 100: FLAT at 10,123.28Euro/dollar: DOWN at $1.1717 from $1.1719 on TuesdayPound/dollar: UP at $1.3442 from $1.3433Dollar/yen: DOWN at 157.92 yen from 158.21 yenEuro/pound: DOWN at 87.16 pence from 87.23 penceWest Texas Intermediate: DOWN 1.4 percent at $59.55 per barrelBrent North Sea Crude: DOWN 1.5 percent at $63.98 per barrelNew York – Dow: DOWN 1.8 percent at 48,488.59 (close)

The Philippines said Wednesday it will end its ban on Elon Musk’s Grok, less than a week after blocking the AI chatbot over its ability to generate sexualised deepfakes. The decision follows developer xAI agreeing to modify the tool for the local market and eliminate its ability to create “pornographic content”, the Philippines’ Cybercrime Investigation and Coordinating Center (CICC) said in a statement.Musk’s social media platform X announced last week that it would “geoblock the ability” of all Grok and X users to create images of people in “bikinis, underwear, and similar attire” in jurisdictions where such actions are illegal. The archipelago nation on January 15 became the third country in Southeast Asia — following Indonesia and Malaysia — to block the chatbot amid a global backlash. “The Grok AI app has reached out to us and stated that its platform will no longer use any content manipulation,” CICC undersecretary Renato Paraiso was quoted as saying in Wednesday’s statement. “The company has pledged to modify the tool specifically for the local market, including the omission of image/content manipulation features that allowed for deepfake creation,” the statement said. The new changes would also include the “total exclusion of pornographic content, particularly child sexual abuse material,” it added. A formal meeting with xAI will determine a timeline for the tool’s reinstatement, according to the statement. At a press briefing announcing the ban last Thursday, Philippine telecommunications secretary Henry Rhoel Aguda said the government needed to “clean the internet now, because much toxic content is appearing, especially with the advent of AI”. The X platform’s geoblocking move came after California’s attorney general launched an investigation into xAI over the sexually explicit material, and several countries opened their own probes.

Investor confidence in Chinese AI startups is riding high, but obstacles to their long-term success range from US export controls to the puzzle of how to become profitable.This month, two leading players in China’s artificial intelligence industry, Zhipu AI and MiniMax, made dazzling debuts on the Hong Kong stock exchange.The pair are part of a wave of rapidly growing Chinese “AI tigers” spurred by another startup, DeepSeek, whose low-cost AI model, on par with US rivals, stunned the world a year ago.But Zhipu AI’s co-founder Tang Jie warned later that despite the achievements of Chinese companies in large open-source AI models, the gap with the United States “may actually be widening”.DeepSeek and other top Chinese AI providers have focused on free, open-source technology — a strategy that can attract users fast but brings in less cash than private, closed systems.”Large-scale models in the US are still mostly closed-source… we need to acknowledge challenges and gaps we face,” Tang said at a conference in Beijing.Geopolitical struggles could also hold Chinese AI back.US export sanctions on advanced microchips used to train and run AI systems, as well as precision chipmaking equipment, have been cited as a key constraint by top industry figures.”The challenge isn’t just technology,” Nick Patience, practice lead for AI at tech research group Futurum,told AFP.”It’s the high cost of computing under sanctions and the delicate balance of innovating within a strict regulatory framework.”- ‘Burning cash’ -Shares in Zhipu AI, a major provider of chatbot tools to Chinese businesses, have soared 80 percent since it went public.MiniMax, which targets the consumer market with its multimedia AI tools, has seen even stronger gains.Their IPOs came ahead of any such move from OpenAI, the San Francisco-based startup behind the phenomenally popular ChatGPT.Although OpenAI’s value has ballooned in funding rounds to a staggering $500 billion, it does not expect to be profitable before 2029 owing to huge outlays to build the computing infrastructure it relies on.Zhipu AI and Minimax are also logging increasing losses while costs, including for training new AI models, rise.Both are “burning cash faster than they can generate sustainable revenue streams”, analyst Poe Zhao, founder of Hello China Tech, told AFP.US restrictions bar the most advanced, energy-efficient AI chips on the market, made by US company Nvidia, from sale in China.Using domestic chipsets, Chinese AI developers need two to four times more computational power to train their models, according to Lian Jye Su, chief analyst at Omdia.Zhao and other analysts call 2026 a critical test for the global AI sector as it chases elusive monetisation prospects.Whether companies “can move beyond coding and unlock real commercial value” is vital to their survival, Zhao said.- Industrial uses -Koda Chen said his firm Suanova Technology, which provides and invests in computing power for Chinese AI companies, has identified opportunities in finance and healthcare.He sees this year as a “turning point” for China’s AI businesses to achieve profitability in more sectors.”Clients are developing payment habits, and products are gaining customer stickiness,” the Suanova CEO said.China is handing out massive subsidies to support AI innovation and its industrial policies also illustrate its ambition to compete with the United States in the sector.Beijing this month announced plans to deploy three to five general-purpose large AI models in manufacturing by 2027.The government said it also planned to strengthen supplies of computing power.These moves show the country is serious about AI driving the real-world economy, Futurum’s Patience said.China “is trying to build the AI-powered factory of the world”, he said.The large language model market in China, still in its early stages, is estimated to grow to $14.5 billion by 2030, according to consultancy Frost and Sullivan, with the future unit price of computing power expected to decline.China’s engineering talent base and the lower cost of generating electricity there work in its favour, said Tang Heiwai, an economics professor at the University of Hong Kong.”These factors would grant China greater resilience in development than the United States as an AI superpower”, he said.

Asian equities stabilised Wednesday after a rough start to the week fuelled by Donald Trump’s Greenland-linked tariff threats, though uncertainty rattling through trading floors saw safe-haven precious metals hit fresh record highs.Japanese bond yields also settled back following Tuesday’s surge on the back of a pledge by Prime Minister Sanae Takaichi to cut taxes.The US president injected a fresh dose of volatility into markets Saturday after threatening to hit several European countries — including France, Germany, Britain and Denmark — with up to 25 percent tariffs over their opposition to his takeover of Greenland.The move has sparked a warning of retaliation, with French President Emmanuel Macron raising the possibility of deploying an unused, powerful instrument aimed at deterring economic coercion.And speaking at the Davos gathering in Switzerland, European Union chief Ursula von der Leyen warned Washington that hitting allied nations with punitive tariffs over Greenland would be a “mistake”.In response, US Treasury chief Scott Bessent said Monday that any retaliatory EU tariffs would be “unwise”.Markets have sunk globally this week, and Wall Street’s three main indexes tanked Tuesday as they reopened after a long weekend.But Asia saw a mixed performance in early trade Wednesday.Tokyo, Sydney, Singapore, Taipei and Manila fell, while Hong Kong, Shanghai and Jakarta rose. US futures advanced.However, concerns about the outlook and concerns the crisis could grow saw precious metals — a go-to in times of turmoil — continue to hit new peaks.Gold topped out at $4,836.80 and silver touched $95.89 an ounce.Eyes are now on Trump’s visit to the World Economic Forum at Davos later in the day.”Traders continue to monitor the prospects for an agreement around Trump’s claim on Greenland, alongside the ongoing pricing of risk that Trump subsequently raises tariffs on European imports… and whether Europe responds with impactful tariffs of its own,” wrote Chris Weston at Pepperstone.”The focus from traders now turns to Trump’s scheduled speech in Davos, but prior to that, the reaction and the ensuing price action through the Asian session.”Bond markets also saw some calm following Tuesday’s rally in Japanese yields to record highs after Takaichi called a snap election for February 8 and said she would suspend an eight percent sales tax on food and beverages for two years if she wins a fresh mandate.Her comments saw 40-year yields surge more than a quarter of a percentage point to a record on Tuesday, marking the biggest jump since Trump’s “Liberation Day” tariff bombshell in April.The moves saw US Treasury Secretary Scott Bessent call Japanese Finance Minister Satsuki Katayama following a lift in Treasury yields.But they fell back Wednesday after Katayama called for “everyone in the market to calm down” and highlighted rising tax revenues and the country’s lowest reliance on debt issuance in three decades.However, Katsutoshi Inadome at Sumitomo Mitsui Trust Asset Management warned: “Katayama’s comments will have some impact on the market, but these are not the type of moves that can be stopped with just verbal intervention.”Bonds will likely be bought today, but the upside momentum is likely to gradually fade.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.6 percent at 52,693.43 (break)Hong Kong – Hang Seng Index: UP 0.2 percent at 26,536.78Shanghai – Composite: UP 0.4 percent at 4,131.77Euro/dollar: UP at $1.1729 from $1.1719 on TuesdayPound/dollar: UP at $1.3454 from $1.3433Dollar/yen: DOWN at 158.00 yen from 158.21 yenEuro/pound: DOWN at 87.18 pence from 87.23 penceWest Texas Intermediate: DOWN 1.0 percent at $59.75 per barrelBrent North Sea Crude: DOWN 1.2 percent at $64.18 per barrelNew York – Dow: DOWN 1.8 percent at 48,488.59 (close)London – FTSE 100: DOWN 0.7 percent at 10,126.78 (close)

Taiwan’s economy soared last year on skyrocketing exports of AI hardware and semiconductors, but companies in more traditional manufacturing sectors could only look on with envy as they were clobbered by US tariffs and a strong local currency.The island’s growth has for decades been based on overseas shipments of a range of goods including machinery, metals and chemicals, mostly small and medium-sized manufacturers employing thousands of workers. But the past 12 months saw companies in those sectors dealt a body blow as their goods sold into the United States were loaded with 20 percent levies as part of President Donald Trump’s global trade war, threatening people’s jobs.One area that was exempted, however, was semiconductor chips — a critical sector dominated by Taiwanese tech giant TSMC. That meant economic growth likely ballooned 7.4 percent last year, according to government estimates, which would be the fastest in 15 years.”We don’t really feel that growth,” Chris Wu, the sales director of machine toolmaker Litz Hitech Corp in Taiwan’s manufacturing hub of Taichung, told AFP. “Overall the data looks strong, but for traditional industries, and for our company in particular, exports have declined — we’re down 30 percent.” Trump initially announced a 32 percent tariff on Taiwanese exports, which was later lowered to 20 percent, as part of his sweep of measures against dozens of trade partners last April. A trade deal announced last week cut that again to 15 percent, in line with key manufacturing rivals South Korea and Japan. While it was good news for traditional manufacturers, Wu said it was not a panacea.- ‘Miserable’ – Overseas demand for Litz Hitech’s precision tools and processing machines hasn’t recovered, and a 15 percent tariff is still nearly three times the company’s profit margin.On top of that, Wu said, the Taiwan dollar was stronger than the won, yen and euro, meaning Taiwanese exports are more expensive.”I don’t think there is a single Taiwanese machine toolmaker that can negotiate to absorb (the tariff) in full — maybe two to three percent, but absorbing everything is impossible,” he said.”Our company can’t absorb even one percent.”Taiwan’s information and communication technology (ICT) sector, which includes semiconductor chips, has become by far the biggest driver of the island’s export-dependent economy. Data for last year laid bare the stark difference in fortunes for tech and more traditional industries, with ICT exports soaring, while metals, plastics and metal-cutting machine tools were all lower.  “Last year’s situation was miserable, very miserable,” Jerry Liu, chairman of the Taichung Importers and Exporters Chamber of Commerce, told AFP. Taiwan’s reliance on AI has left some experts worried about the economic impact if the bubble of excitement around the technology were to burst. “That’s dangerous,” said Chen Been-lon, a research fellow and professor in the Institute of Economics at Academia Sinica.”But what can you do? You cannot force people not to invest in semiconductors.”- ‘Gritting my teeth’ – Taiwan hopes its semiconductor industry remains protected from Trump’s tariffs after the trade deal with Washington committed Taiwanese chip and tech businesses to invest up to $500 billion on US soil. However, a potential US Supreme Court ruling against Trump’s power to apply levies could upend the agreement. “If it’s unconstitutional… the current negotiated result may need to be redone,” said Wu Meng-tao, an economist at the Taiwan Institute of Economic Research, raising the risk of tariffs on the ICT sector. Many in Taiwan’s traditional manufacturing sector, including Litz Hitech, have put employees on unpaid leave or reduced their working hours. Wu, the sales director, estimates thousands are affected.Conditions for small and medium-sized manufacturers could get tougher in 2026 if the US Federal Reserve cuts interest rates. The Taiwan dollar, which has pulled back from its highs last year, could come under renewed upward pressure. Liu said he was “gritting my teeth and holding on” — and hoping that the government helped to “stabilise the currency”. But manufacturers also needed to move with the times by adopting AI and offering customers “comprehensive solutions”, said Patrick Chen, chairman of the Taiwan Machine Tools and Accessory Builders’ Association.”Simply selling standalone machines or individual pieces of equipment is a business model of the past.”

World stock markets lost ground on Tuesday and precious metals hit fresh peaks as rising US-EU tension stoked volatility following President Donald Trump’s threat to impose tariffs in his drive to acquire Greenland.Major US indices spent the entire day in the red, with the broad-based S&P 500 finishing down more than two percent. The pullback on Wall Street and the reverberations across other financial markets reminded some observers of last April when Trump’s dramatic “Liberation Day” trade announcement sparked market turmoil that relented once Trump backed off his most draconian threats.The US president is expected to make more waves at Wednesday’s World Economic Forum.Trump’s posture towards Europe is “making ties with our biggest ally look fragile,” said Art Hogan of B. Riley Wealth Management. “Unless he retracts some of the rhetoric he’s had, I think it only gets worse.”Europe’s main markets also suffered, with London closing off 0.7 percent and Frankfurt ending down 1.0 percent.Earlier, Tokyo suffered a similar fate even though Asia overall closed mixed.Gold, seen as a safe-haven investment, notched yet another record high, surpassing $4,750 an ounce. Silver also peaked, surging above $95.50 an ounce.Key bond yields jumped on the heightened trade fears with the US 10-year Treasury note jumping to above 4.29 percent while Japanese long-dated bond yields reached record highs.Large tech names including Apple, Amazon and Nvidia fell more than three percent, while industrial giant 3M slumped 7.0 percent on concerns about its outlook. “Overall, this is a manmade crisis, and the continued sell off on Tuesday suggests that US threats to Greenland and their effects on financial markets could have further to go if the situation does not deescalate soon,” said Kathleen Brooks, research director at XTB.After a bright start to the year fueled by fresh hopes for the artificial intelligence sector, investors have taken fright since Trump ramped up his Greenland demands, on grounds of US national security.After European capitals pushed back, Trump on Saturday said he would impose 10 percent levies on eight countries — including Denmark, France, Germany and Britain — from February 1, lifting them to 25 percent on June 1.- ‘Mistake’ -The move has raised questions about the outlook for last year’s US-EU trade deal, the ratification of which was frozen on Tuesday by the European Union parliament.Speaking at the Davos gathering in Switzerland, EU chief Ursula von der Leyen warned the United States that hitting allied European nations with punitive tariffs over Greenland would be a “mistake.””The European Union and the United States have agreed to a trade deal last July. And in politics as in business — a deal is a deal. And when friends shake hands, it must mean something,” she said.US Treasury chief Scott Bessent on Monday said that any retaliatory EU tariffs would be “unwise.”Trump on Tuesday ramped up his rhetoric against France, warning he would impose 200-percent tariffs on French wine and champagne because it was declining his invitation to join a “Board of Peace”. That body was originally conceived to oversee the rebuilding of Gaza but its charter gives it a much broader, global remit, with Trump in charge.- Key figures at around 2115 GMT -New York – Dow: DOWN 1.8 percent at 48,488.59 (close)New York – S&P 500: DOWN 2.1 percent at 6,796.86 (close)New York – Nasdaq Composite: DOWN 2.4 percent at 22,954.32 (close)London – FTSE 100: DOWN 0.7 percent at 10,126.78 points (close)Frankfurt – DAX: DOWN 1.0 percent at 24,703.12 (close)Paris – CAC 40: DOWN 0.6 percent at 8,062.58 (close)Tokyo – Nikkei 225: DOWN 1.1 percent at 52,991.10 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 26,487.51 (close)Shanghai – Composite: FLAT at 4,113.65 (close)Euro/dollar: UP at $1.1719 from $1.1646 on MondayPound/dollar: UP at $1.3433 from $1.3425Dollar/yen: UP at 158.21 yen from 158.11 yenEuro/pound: UP at 87.23 pence from 86.74 penceBrent North Sea Crude: UP 1.5 percent at $64.92 per barrelWest Texas Intermediate: UP 1.5 percent at $60.34 per barrelburs-jmb/dw