On Monday during the Asian session, global market risk appetite noticeably cooled. Trump's latest remarks tying "tariffs" to the Greenland issue sparked discussions within the EU about countermeasures. Safe-haven funds poured into precious metals, with gold and silver both breaking records, while oil prices slightly declined. Meanwhile, China's latest GDP data showed a slowdown in growth in the fourth quarter, yet the annual target set by the authorities was still achieved.
US Stock Futures Weaken: Holiday Closure Delays Market Reaction
As of the afternoon Beijing time, futures on the Dow, S&P 500, and Nasdaq 100 indices were all down by about 0.8% to 1.3%. The closure of the U.S. spot market for Martin Luther King Jr. Day was partially attributed to the "price first, confirm later" holiday effect by some traders.
Tariffs Tied to Greenland: EU Considers Retaliation List and Counter-Coercion Tools
According to reports, Trump stated that if the U.S. is unable to arrange the purchase of Greenland, he would impose an initial tariff of 10% on goods from Denmark, Sweden, France, Germany, the Netherlands, Finland, Norway, and the UK, possibly increasing to 25%. The EU is evaluating several response options, including a tariff package targeting approximately 93 billion euros of U.S. imports and potential "counter-coercion tools" that may affect service trade and investment restrictions.
Market observers have noted that this stance adds uncertainty to the previous trade arrangements between the U.S. and EU. Before the Greenland issue "cools down," political factors are more likely to dominate the negotiation atmosphere, making it difficult to return to a purely economic logic in the short term.
Safe-Haven Sentiment Rises: Gold Nears $4700, Silver Also Hits High
Driven by tariff risks and geopolitical uncertainties, spot gold increased, nearing the $4700 per ounce mark, reaching a historical high region during the trading session. Silver's gains were more pronounced, also setting records. Some institutions believe that precious metals are not only supported by safe-haven buying but that silver additionally benefits from imagined demand driven by its industrial properties.
Oil Prices Slightly Retreat: Traders Digest Friction Risks and Geopolitical Premiums Ebbing
Following volatility last week, oil prices tended to correct, with Brent and WTI slightly falling during the Asian session. The market is concerned about potential trade friction suppressing demand expectations, while also reassessing the risk premiums previously boosted by Middle Eastern tensions.
China GDP: Fourth Quarter Drops to 4.5%, Annual Target of About 5% Still Achieved
Data from China shows that GDP in the fourth quarter of 2025 grew by 4.5% year-on-year, lower than the 4.8% in the first three quarters, but the quarter-on-quarter growth of 1.2% was slightly higher than expected. The annual growth rate of about 5% achieved the official annual target. Analysts believe that external demand and export resilience continue to support growth, but the repair of domestic demand, adjustments in the real estate sector, and expectations of external trade friction remain key themes for subsequent policy and market attention.
