Daily US Equity Opening News - US markets shut for MLK Jr. Day; Trump threatens Europe with tariffs over Greenland; Hassett hints Trump to keep him at NEC; AAPL reclaims top position in China, Counterpoint says; GOOG appeals online search monopoly ruling

TODAY'S AGENDA:

Today is Martin Luther King Jr. Day in the US, a market holiday. Newsquawk European coverage will begin at 06:30GMT/01:30EST, and the desk will shut at 18:00GMT/13:00EST, then re-opening on the same day for the beginning of APAC coverage at 22:00GMT/17:00EST.

• DAY AHEAD: In Europe, final HICP data for December is expected to be revised down to 2.1% Y/Y from 2.2%, while the core rate is seen revised down to 2.3% Y/Y from 2.4%. Canada inflation in December is seen rising 0.1% M/M, with the annual rate expected to fall to 2.1% Y/Y from 2.2%. The BoC will also publish its Business Outlook Survey and Survey of Consumer Expectations.
• WEEK AHEAD: Highlights include US PCE, BoJ policy announcement, China Activity Data, Flash PMIs, and inflation readings from the UK, Japan and Canada. US corporate earnings will pick up this week, with highlights from NFLX, JNJ, SCHW, PG, INTC.
• Click here for Newsquawk's week ahead preview
• Click here for Newsquawk's weekly US earnings estimates

NEWS:

GEOPOLITICS/TRADE:

• US-EU-Greenland - US President Trump said the US will impose tariffs on Denmark, Norway, Sweden, France, Germany, The UK, Netherlands and Finland over Greenland. Tariffs of 10% will start on 1st February, rising to 25% on 1st June, until a deal on Greenland is reached. Treasury Secretary Bessent said Europe is too weak to ensure its own security, backing Trump’s insistence on taking over Greenland; he dismissed EU threats to halt a tariff deal, saying Trump is using strategic leverage to achieve his aims. EU capitals are considering EUR 93bln in tariffs or market restrictions against the US after US President Trump threatened Nato allies over Greenland. Measures aim to gain leverage before Davos talks. Tariffs were prepared last year but suspended until 6th February. Leaders will hold an emergency meeting in the coming days to discuss Trump’s threats and consider possible retaliation, an EU official said, and they plan to meet in person near the end of this week. French President Macron will seek activation of the European Union’s anti-coercion instrument (ACI) as pressure grows for retaliation against the US’ new tariff threats. EU lawmakers are also preparing to halt approval of the EU’s trade deal with the US in response. UK PM Starmer will reaffirm the UK’s commitment to NATO on Monday after Trump's tariff threats over Greenland, and will stress the importance of the alliance; Starmer told Trump that imposing tariffs on allies in connection with NATO’s pursuit of collective security is wrong, Downing Street said. Trump’s trade threats over Greenland raise the risk European governments may cut holdings of US assets, potentially supporting the EUR, Deutsche Bank strategist George Saravelos said; Europe owns about USD 8tln of US bonds and equities, almost twice the rest of the world combined.
• US-South Korea/Taiwan - Commerce Secretary Lutnick warned that South Korean memory chipmakers and Taiwanese firms not investing in the US could face tariffs of up to 100% unless they boost American production.
• US-UK - The Trump administration is pressing the UK to adopt US standards and recognise American accreditation bodies in trade talks, according to Politico. The demands risk undermining the UK’s post-Brexit alignment with the EU, with UK officials resisting changes, particularly on food, environmental and safety standards, the report said.
• Ukraine - Ukraine is delaying new strike drone orders from Helsing after frontline tests exposed problems with its HX-2 model. In November, a German Defense Ministry presentation said the drone struggled to take off and lacked promised AI features during tests by Ukraine’s 14th Regiment.

MACRO:

• Fed Chair Job - White House economic adviser Kevin Hassett said President Trump may keep him in his current role, which would rule him out of becoming the next Federal Reserve chair, adding that no final decision has been made. Treasury Secretary Bessent told NBC said the Senate would be quite happy with any of the four candidates the Trump administration is considering replacing Fed Chair Powell, describing them as great choices. Bloomberg reports that Rick Rieder’s candidacy to become the next Fed chair is gaining momentum, according to sources, after Trump’s interview with Rieder on Thursday reportedly went well.
• China Stocks - China’s financial regulators are intensifying efforts to curb excessive stock market speculation while promoting long-term investment, aiming to stabilise markets. Analysts cited by China Securities Journal said tougher enforcement against short-term trading and policies encouraging patient capital are intended to reduce volatility and support sustainable market development.
• China Economy - China said GDP grew 5% last year, meeting its target as a record trade surplus driven by exports offset weak domestic demand. Data showed growth slowed late in 2025, births fell to 7.9mln and population declined again. China relied on exports to drive growth to the greatest extent since 1997, helping it withstand US President Trump’s trade war. Net exports contributed almost 33% of GDP expansion last year, over two ppts higher than 2024, the statistics bureau said. China also posted record power transformer exports last year as global shortages intensified amid data centre expansion and electrification; shipments reached CNY 64.6bln, +36% Y/Y, according to customs data, as tight supply pushed up prices worldwide. China confirmed a sharp cut in steel output, with steel production down more than 4% in 2025 to about 961mln tons. Meanwhile, China’s aluminium output hit a record last year, rising 2.4% to 45.02mln tons and exceeding capacity limits, with December production also at a high. Coal output rose +1.2% Y/Y to a record 4.83bln tons in 2025, despite safety inspections, as Beijing prioritised energy security. Thermal power generation fell 1%, marking its first annual decline in a decade amid rising cleaner electricity supply.
• ECB - Euro-area finance ministers are due to choose the European Central Bank’s next vice president on 19th January, a move that will shape the eventual succession to President Christine Lagarde. Candidates range from dovish Mario Centeno to hawkish Boris Vujcic, Madis Muller and Martins Kazaks, Bloomberg notes.
• UK Bonds - UK gilts with favourable tax treatment are outperforming as investors anticipate a GBP 18bln retail inflow, Bloomberg reports. Short-maturity, low-coupon bonds rallied with higher trading volumes, as wealthy investors seek better tax-adjusted returns under UK tax rules vs higher-coupon gilts.

TECH:

• Mag 7 Stocks, Nasdaq (NDAQ) - The SEC approved new options expiries for 'Mag 7' stocks, allowing Nasdaq to list contracts expiring on Mondays and Wednesdays. The move brings the US market closer to daily single-stock options. Nasdaq proposed the change in May.
• Apple (AAPL) - Apple's Q4 China iPhone shipments rose by +28% Y/Y, according to Counterpoint Research. Apple reclaimed the top position in China after iPhone shipments rose 28% Y/Y in the holiday quarter, Counterpoint Research said. Huawei and Xiaomi (XIACY) saw double-digit declines. Overall market shipments fell 1.6%.
• Nvidia (NVDA) - Quanta Computer said Nvidia’s next-generation Rubin servers are expected to begin shipping in August, with limited initial revenue contribution, CTEE reports. The platform will largely use existing GB-series architecture, supporting stable ramp-up.
• Micron Technology (MU) - Micron has signed a letter of intent to buy a chip fabrication site in Taiwan from Powerchip Semiconductor Manufacturing for USD 1.8bln to expand memory production; Micron will take over the P5 site in Tongluo, and ramp DRAM output; the deal is seen closing in Q2, and Micron expects meaningful wafer output in H2 2027. Separately, Micron said an AI-driven memory chip shortage is unprecedented and will persist beyond this year due to demand for high-end semiconductors. Executive vice-president Manish Bhatia spoke after a groundbreaking for a USD 100bln New York site. PC, smartphone and AI customers are competing for limited supply.
• Microsoft (MSFT), OpenAI, xAI - Elon Musk is seeking USD 79–134bln in damages from OpenAI and Microsoft, alleging the AI company defrauded him by abandoning its nonprofit mission through the partnership. The claim was detailed in a court filing Friday after a judge rejected efforts to avoid a jury trial set for late April in California.
• ASM International (ASMIY) - ASM International reported Q4 revenue of EUR 698mln, above expectations and prior guidance, with orders of EUR 800mln. Stronger bookings reflected a late-quarter rebound in China and solid advanced logic and foundry demand. ASM expects Q1 revenue to rise vs Q4 2025 levels.
• Samsung Electronics (005930 KS) - Samsung Electronics’ foundry utilisation is expected to average the mid-60% range in the first half, up from the 50% range in the second half last year, as wafer input rises, ZDNet reports. Losses narrowed from about KRW 2tln to around KRW 1tln, with recovery aided by 2nm Exynos 2600 production and a KRW 22tln Tesla contract.

COMMUNICATIONS:

• Alphabet (GOOG) - Google filed an appeal against a federal ruling that it held an illegal monopoly in internet search, seeking to pause remedies. The case stems from a trial that began in September 2023, with an August 2024 ruling under the Sherman Act. Google argues remedies risk innovation and privacy. Separately, Google is in talks with Radiate, a broadband operator backed by Stonepeak Partners, to form a JV holding their fibre assets. The entity would combine Google’s GFiber with Radiate’s Astound business, with Stonepeak holding a majority stake and Google a minority.

FINANCIALS:

• JPMorgan (JPM) - President Trump said he will sue JPMorgan within the next two weeks, alleging the bank improperly debanked him after the 6th January 2021 protests. Trump also denied offering JPM chief Jamie Dimon the role of Fed chair or Treasury secretary, and criticised The WSJ for inaccurate reporting.
• UniCredit (UNCRY) - UniCredit is expanding aggressively into Poland’s corporate lending market after re-entering via the acquisition of Aion Bank last year, joining refinancing syndicates for Allegro.eu, LPP and ZE PAK, squeezing margins and unsettling local rivals, according to Bloomberg.

CONSUMER:

• Toyota (TM) - Elliott Investment Management opposed Toyota Group’s bid to privatise Toyota Industries, urging minority shareholders to resist. The fund said intrinsic value is JPY 26k per share, above the JPY 18.8k offer, which valued the company at JPY 6.1tln.

INDUSTRIALS:

• Airbus (EADSY) - UBTech Robotics shares surged in Hong Kong trading after Airbus ordered its Walker S2 humanoid robots for use at aircraft plants. The deal boosted optimism for wider adoption of humanoid robots in global manufacturing, Bloomberg said.
• Boeing (BA) - Boeing was awarded a contract under the Defense Microelectronics Activity Advanced Technology Support Program V, with a shared ceiling of USD 25.36bln; the 10yr ordering period includes a 5yr base and two option periods. Boeing was also awarded a USD 118.85mln Army contract modification for aircraft maintenance, training devices, training conducts and non-recurring engineering.
• Lockheed Martin (LMT), BAE Systems (BAESY) - Lockheed Martin and BAE Systems were each awarded contracts under the Defense Microelectronics Activity Advanced Technology Support Program V, sharing a USD 25.36bln ceiling. The 10yr ordering period includes a 5yr base and two option periods.
• BAE Systems (BAESY) - BAE Systems was awarded a USD 204.16mln US Navy contract for maintenance, modernisation and repair of USS Iwo Jima fiscal 2026 Selected Restricted Availability; options could raise the total to USD 255.88mln.

MATERIALS:

• Gold - Hong Kong billionaire Cheah Cheng Hye, founder of Value Partners Group, has shifted about a quarter of his personal wealth into gold, up from around 15% a year earlier, Bloomberg reports. Precious metals now account for roughly a quarter of assets at his USD 1.4bln family office.
• Rio Tinto (RIO), Glencore (GLNCY) - Aluminum Corp. of China, a major Rio Tinto Group shareholder, is expected to support a potential acquisition of Glencore that would increase its exposure to copper, Bloomberg reports. Any deal would still require approval from the Chinese government, with Chinalco already in discussions with authorities, sources said.
• Freeport-McMoRan (FCX) - Freeport said an indirect wholly owned unit received an imminent danger order from the Mine Safety and Health Administration on 14th January at the Morenci mine in Arizona after employees worked on an elevated conveyor without fall protection. No injuries occurred, employees were withdrawn, the issue was addressed promptly, and the order was terminated on January 14, 2026.
• Sherwin-Williams (SHW) - Sherwin-Williams was awarded a USD 127.5mln US Navy contract to supply worldwide paints, coatings, solvents, preservation products, and engineering and technical services.

HEALTHCARE:

• US Drugmakers-Europe - US drugmakers are pressing Europe to raise medicine prices after agreeing with President Trump to cut US prices, FT reports, with some threatening to withhold or delay new drugs. Executives said US deals force higher overseas prices, while European health officials warned costs are already excessive and budgets strained.
• Bayer (BAYRY) - The US Supreme Court agreed to hear Bayer’s bid to limit lawsuits alleging its Roundup weedkiller causes cancer, potentially averting billions in damages. The case follows a Missouri ruling upholding a verdict. Bayer faces about 65,000 US cases and has paid roughly USD 10bln in settlements.
• Novartis (NVS) - Lanalumab receives FDA breakthrough therapy designation for Sjögren’s disease and plans global submission in early 2026.