PEAK ASSET: MORNING WRAP 20 January: ASX 200 futures are pointing down 35 points or 0.4 per cent to 8809 | Gold jumps on fears of US–EU trade war over Greenland | Resolution on fast-track to develop past-producing US tungsten mine |

Gold and silver have again separately surged to records.

It was reported that one reason Trump is continuing to demand control of Greenland is that he failed to be awarded the Nobel Peace Prize! 

​​​​​​​Market Highlights

ASX 200 futures are pointing down 35 points or 0.4 per cent to 8809.
All US prices are near 3pm New York time (7am AEDT).

• AUD +0.5% to US67.14¢
• Bitcoin -2.3% to $US93,130
• Dow futures -0.8% S&P 500 futures -0.9%
• In Europe: FTSE 100 -0.4%, DAX -1.3% CAC 40 -1.8%
• Gold +1.6% to $US4670.98 an ounce
• Brent oil +0.00% to $US64.15 a barrel
• Iron ore -1.3% to $US104.95 a tonne
• 10-year yield: US 4.22% Australia 4.74%

Across Markets…

Australian shares are poised to open lower with Denmark’s key equity benchmarks pacing losses in Europe as President Donald Trump continues to demand that the US take control of Greenland, one way or another.

The OMX Copenhagen 20 shed 2.7 per cent, as did the OMX Copenhagen All shares PI Index. Gold topped $US4670 an ounce.

Quarterly results from BHP and Hub24 are expected on Tuesday. Rio Tinto is set to report on Wednesday, followed by Fortescue on Thursday.

In a preview note, RBC Capital Markets says it is maintaining its “optimistic sector view” of the Australian mining sector. December quarter results are expected “to largely validate guidance already set across most of the coverage universe”, it said.

US markets were closed on Monday in New York for Martin Luther King Jr Day. Trading will resume on Tuesday (Wednesday AEDT). US futures were lower, with those for the S&P 500 down near 1 per cent.

Markets are expected to be on high alert when Trump speaks at the Davos global summit early on Thursday. Another key focus is a potential ruling from the US Supreme Court on Trump’s tariff policies, a decision which could be released as early as Tuesday (Wednesday AEDT).

That ruling has heightened importance given Trump’s latest tariff threats against European nations defending Greenland.

For JPMorgan’s top equity strategist, Mislav Matejka, the outlook is not all negative. “The weekend tariffs headlines offer an excuse for some derisking, and could weigh on sentiment for a while, but we believe that the fundamental equity backdrop is a constructive one, and look for reassuring earnings results.

“Activity momentum has been resilient during the quarter, and it is suggesting better earnings delivery than the consensus is expecting.”

Source: AFR