Daily Bulletin

Good morning. Global markets are focused on the strained U.S.–Europe relations driven by the Greenland issue. This agenda appears to have dominated the Davos Summit, which started yesterday, pushing other geopolitical topics and global economic challenges into the background. U.S. equity markets were closed yesterday; however, futures contracts are currently trading around 1% lower compared to Friday’s close....
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Good morning. The United States’ insistence on Greenland and the escalating tensions between the U.S. and Europe remain in focus. Following military exercise decisions by several European countries in the region, the U.S. announcement of imposing a 10% customs duty on eight European countries starting February—rising to 25% in the second half of the year—along with the European Parliament’s decision to suspend...
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Good morning. In the US, better-than-expected 4Q25 financial results from Morgan Stanley and Goldman Sachs triggered buying interest on Wall Street, which is also extending into this morning’s futures index contracts. In contrast, European futures are trading lower this morning, as tensions between the US and the EU persist due to the Greenland issue, despite some easing in Iran-related geopolitical stress....
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Good morning. Following the partial easing of Iran-related tensions and messages from the U.S., we observe that geopolitical risk perception has moderated to some extent, leading to a 4% pullback in oil prices from the recent peaks. On the equity side, market conditions remain broadly range-bound. Aside from the sell-off in U.S. technology stocks yesterday, the overall tone in U.S. markets was relatively calm. This...
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Good morning. While protests and security interventions in Iran have led to a dramatic rise in casualties, statements from the US, the EU, and other parties that risk further escalation continue to come to the fore. Alongside these developments, oil prices have increased by 9% over the past week, returning to their highest levels of the last three months and gradually amplifying inflationary risks. Beyond the...
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Good morning. We are starting the day with U.S. President Trump’s statement announcing a “25% additional tariff on countries doing business with Iran.” This development should be interpreted less in terms of its direct economic impact and more as a signal of increased pressure on Iran and the continuation of geopolitical stress. Global markets are relatively calm this morning: U.S. futures are slightly negative,...
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Good morning. Global markets are starting the new week following reports of a criminal subpoena issued by the U.S. Department of Justice to Fed Chair Jerome Powell. The subpoena, arriving at a time when concerns over the independence of the Federal Reserve and broader questions regarding the functioning of institutional structures and the constitutional system are intensifying, together with Powell’s subsequent...
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Good morning. Global risk appetite is hovering in mildly positive territory this morning. Despite supportive developments such as the USD 200 billion support package announced for the U.S. housing sector, upward revisions to growth forecasts, and rate-cut signaling from Fed officials, U.S. equity futures are trading flat. European futures and Asian equity markets, on the other hand, are generally in positive...
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