economy
January 22, 2026
European stocks close higher after Trump's Greenland 'deal,' tariffs retreat
European stocks advanced Thursday after U.S. President Donald Trump said a framework agreement had been reached on Greenland and called off tariffs.
TL;DR
- European stocks closed higher following President Trump's announcement of a "framework" agreement on Greenland and the cancellation of escalating tariffs.
- Trump described the Greenland deal as a "concept" involving U.S.-European collaboration on a missile defense system and mineral resources.
- Danish Prime Minister Mette Frederiksen welcomed the shift on Greenland and expressed openness to discussing security and economic cooperation while respecting territorial integrity.
- The announcement likely eased concerns about NATO's future and impacted sectors like autos and healthcare, which were exposed to potential tariffs.
- Gold prices surged amid geopolitical uncertainty but cooled slightly, while the U.S. dollar continued to depreciate.
- In company news, Volkswagen reported increased net cash flow, while Ubisoft's shares plunged after announcing major organizational changes and game cancellations.
- Rheinmetall, Europe's largest defense company, anticipated significant international orders, and U.K. insurer Beazley rejected a takeover offer.
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