Germany is spearheading a military buildup in Greenland amid rising transatlantic tensions, positioning forces on the Arctic island as a deterrent against what officials describe as potential U.S. intervention under President Donald Trump. French President Emmanuel Macron has warned that any American invasion of Greenland would trigger “unprecedented consequences,” underscoring Europe’s increasingly assertive stance on security and sovereignty in the region.
The geopolitical backdrop remains fluid. Trump has, for now, appeared to pause plans for another strike on Iran, easing immediate fears of a broader escalation in the Middle East. That hesitation rippled through global markets, particularly commodities.
Silver, which has been one of the strongest performers this year, surged past USD 93 an ounce on Wednesday, extending a record-breaking rally. The metal reversed course on Thursday, falling more than 8% as investors locked in gains, dragging other commodities lower. Oil also declined for the first time in six sessions, after reports suggested Washington had delayed military action against Iran.
In the global auto sector, electric vehicle sales closed 2025 at 20.7 million units, up 33% from the previous year. The European Union emerged as the fastest-growing major market, while China—the world’s largest EV market—posted a more modest 17% increase. North America stood out as a laggard, with sales down 4% over the year.
Shifting political dynamics are also reshaping international alignments. Following Canada’s recent outreach, the Czech Republic’s new government led by Andrej Babiš is preparing to recalibrate relations with China, signaling a broader re-engagement by parts of Europe with Beijing.
On the corporate front, luxury goods group Richemont reported record quarterly sales, fueled by strong demand in the U.S. and the Middle East, reinforcing signs of resilience at the high end of consumer spending despite global uncertainty.
Equity markets opened higher in Europe, with regional benchmarks up 0.6% in early trading. Asian stocks were mixed, oscillating between small gains and losses. In the U.S., S&P 500 futures climbed nine points, pointing to a firmer open as investors weighed geopolitical risks against cooling commodity prices.
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