History might confirm in a decade or two that the US has not had a more consequential president, at least not in peacetime, than Donald Trump. The start of his second term is still a few days away, but investors already scrutinize every word he whispers. Cliches are boring but true. Action speaks louder than words, but at this stage all markets can do is to rely on his press conferences and social media posts.
The inauguration of the incoming US President is 12 days away, but his belligerent rhetoric is already sending shivers down the spine of foes and allies. During a press conference, Mr Trump re-issued threats from his first term to buy Greenland and he did not rule out seizing the island by using economic or military coercion on Denmark.
Last year was characterized by a healthy dose of reluctance to react to seemingly positive developments as every attempt to push prices higher brought out willing sellers. Yesterday’s performance mirrored this attitude. A variety of price-supportive factors pushed oil prices to peaks not seen since last October.
Copyright © 2025 TP ICAP