Morning Brew January 22 2026

Good morning,

After meeting with NATO Secretary General Mark Rutte, President Trump suggested that Western Arctic allies could forge a new agreement over Greenland—home to 57,000 people—that would meet his ambitions for a “Golden Dome” missile‑defense system and secure access to critical minerals, while limiting Russian and Chinese influence in the Arctic.

On social media, he announced that he would refrain from imposing the threatened February 1 tariffs, once again sparking significant volatility. Since the start of his WEF speech yesterday, silver moved nearly USD 5 intraday, while the US 500 traded within a 2% range of about 130 points. We are currently at 4,825 in gold, 94.10 in silver, US 500 at 6,888, and the GER40 at 24,835.

US 10‑year yields remain elevated at 4.25%. The USD Index trades at 98.80, with EURUSD at 1.1690, GBPUSD at 1.3430, and USDJPY at 158.85. The Swiss franc showed unusual volatility, rising from 0.7880 to 0.7950. Bitcoin rebounded to just below 90k after dipping under 87,500.
Expect further turbulence driven by US political developments.

Apple is planning to turn Siri into a ChatGPT‑style chatbot in the second half of 2026. The tool—codenamed Campos—will be embedded across iPhone, iPad, and Mac, according to sources familiar with the project.

All S&P sectors closed higher yesterday, led by Energy. Airlines performed strongly, and tech saw a healthy recovery: Nvidia and Tesla gained 2.9%, and AMD rose 7.7%.

Following the recent TACO, market reactions remain a key focus. Any shock Trump introduces appears to be reassessed quickly—particularly when markets push back—potentially putting him in a difficult spot if he becomes aware of that sensitivity.

Today, he is expected to hold a signing ceremony for a “peace council,” viewed as a competitor to the UN.

Steve Witkoff and Jared Kushner are scheduled to meet Vladimir Putin in Moscow today.

On the agenda: second‑tier economic data and key earnings releases from Alcoa, Intel, and Procter & Gamble. Politics, however, are likely to remain the main driver unless one of the scheduled events brings a meaningful surprise

Politics are likely the main driver today unless we are seeing a great surprise from any of the scheduled events.

Ruben took a look into the European defense industry: Europe re-arms, and the “hidden” defence names step into the light

Thursday January 22

Data Japan Trade Data, US GDP Final, Initial Jobless Claims, Australia CPI & PMI

Earnings P&G, Intel Alcoa.

Speakers:  WEF in Davos

Friday January 23

Data Japan CPI International PMI; University of Michigan

Earnings Ericsson

Speakers:  WEF in Davos