Global markets moved higher on Thursday after US President Donald Trump softened his position on Greenland and signalled that a deal may be taking shape. Investor confidence improved after Trump pulled back on earlier tariff threats linked to the Arctic island. Speaking at the World Economic Forum in Davos, he said he had agreed on the framework of a future deal on Greenland following talks with NATO Secretary General Mark Rutte.
The president also said he would not use military force to take control of the territory from Denmark and confirmed that plans to introduce additional tariffs on European countries from 1 February had been dropped.
While details of the proposed deal remain unclear, markets responded positively to the easing of tensions. Semiconductor stocks led the gains, with already high valuations pushed further after Nvidia chief executive Jensen Huang spoke in Davos on Wednesday. Huang said the global shift towards artificial intelligence would require trillions of dollars in investment, helping calm concerns about stretched valuations, at least in the short term. The Philadelphia Semiconductor Index, which tracks 30 major US chipmakers, ended Wednesday’s session up 3.18%.
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