Market Commentary: Monday 19th January

President Donald Trump’s announcement of new tariffs on eight European countries—Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland—triggered a sharp risk-off move in global financial markets.

European and U.S. stock futures declined significantly, with European index futures down 1.3% and S&P 500 contracts off 0.8%, while haven assets rallied strongly.

Gold surged 1.7% to a record $4,675 per ounce, silver rose 3.9%, and safe-haven currencies such as the Swiss franc and euro gained against a weakening dollar.

Cryptocurrencies, including Bitcoin, fell as investors shifted to safer assets, while bond futures—including U.S. Treasuries and German and French bonds—advanced amid heightened uncertainty.

The tariffs, set to begin at 10% on February 1 and escalate to 25% in June unless a deal is reached for the U.S. to purchase Greenland, stem from Trump’s long-standing push to acquire the Danish territory, which he frames as essential for security against rivals such as China and Russia.

Today is a U.S. bank holiday, with markets observing Martin Luther King Jr. Day. Canadian CPI is the main data release of the day.

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