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On January 19th, representatives of EU member states held an emergency meeting in Brussels, Belgium, on the 18th to discuss how to respond to the latest tariff threats issued by US President Trump regarding the autonomous territory of Greenland. That same day, European Council President Costa issued a statement saying that he had consulted with member states on the latest tensions in Greenland, reaffirming their unified position of support for Denmark and Greenland on principles of international law, territorial integrity, and national sovereignty. Costa stated that member states agreed that imposing tariffs would damage transatlantic relations and be inconsistent with the EU-US trade agreement. Costa also stated that the EU is "ready to defend itself from any form of coercion" and is ready to continue constructive engagement with the US on all issues of common concern. Costa said the EU will hold a special summit in the coming days. Officials indicated that the EU is considering holding the summit on January 22nd.European Commission President Ursula von der Leyen: We will always protect our strategic economic and security interests.European Commission President Ursula von der Leyen: We are firmly committed to upholding the sovereignty of Greenland and the Kingdom of Denmark.A senior Syrian official stated that the Syrian government will coordinate with companies that already hold interests in the relevant oil and gas fields to initiate development plans for these fields.A senior Syrian official said: "A team from the Syrian Ministry of Energy has been dispatched to the site to assess the large oil field and Konoko gas field in Deir ez-Zor."

S&P 500 Retreats From Session Highs Amid Rising Geopolitical Tensions

Cory Russell

Nov 16, 2022 17:27


With rising geopolitical tensions, traders profit

Several missiles that landed in Poland and killed at least two individuals caused the S&P 500 to retreat from session highs. A committee on national security and defense matters was invited to an urgent meeting by Poland. Poland hasn't yet stated what it intended to talk about. It is clear that Poland will assess whether these missiles originated from Russia, which today carried out significant strikes against the energy infrastructure of Ukraine.


Poland is a NATO member, therefore the possible escalation of geopolitical tensions is taken into account by the markets. It is not unexpected that traders swarmed to purchase safe-haven assets. The US Dollar Index recovered some of its losses and moved closer to the 107 level. As the demand for safe haven assets increased, gold also found support and reclaimed the $1775 mark.


The price of WTI oil increased toward the $88 mark as Hungary convened its security council to discuss Ukraine's decision to halt oil transit from Russia via the "Druzhba" pipeline. These developments might give oil stocks a lot of support in the coming days.


Putting geopolitics aside, the market has been upbeat today as a result of Walmart's presentation of solid third-quarter results, revised expectations, and $20 billion repurchase program.


Whether the current geopolitical developments will have an impact on the U.S. stock market is the main concern. Following the recent rally, some traders might want to lock in profits in the near future.


In the long run, the suspension of Russian oil exports to Hungary could be a major issue and boost the oil market as the G7 nations get ready to cap the price of Russian oil. Higher oil prices increase inflation, which might make the Fed more hawkish and damage stocks.

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