(Bloomberg) — Days before his inauguration, Donald Trump stirred stock markets with comments on everything from defense to renewable energy, and even Greenland.
Most read from Bloomberg
Shares of companies exposed to wind energy, including Orsted A/S, Siemens Energy AG and Vestas Wind Systems A/S, fell more than 6% on Wednesday after the US president-elect said he would seek not to build wind farms during his second term. condition.
Tank and missile makers got a boost after Trump called on NATO members to spend the equivalent of 5% of their economic output on defence, more than double the current target. Shares of Norwegian rocket maker Kongsberg Gruppen ASA rose as much as 4.1%, while Sweden’s Saab AB rose 5.4% and Germany’s Rheinmetall AG rose 5.3%.
Meanwhile, a CNN report that Trump is considering declaring a national economic emergency to provide a legal basis for global tariffs dealt a new blow to stocks of auto and luxury goods makers. Stellantis NV, which makes Fiat and Alfa Romeo cars, fell by as much as 3.1%, while LVMH, which owns Louis Vuitton, fell by as much as 2.2%.
European stocks most exposed to tariffs have underperformed the market since last year on concern that any fallout from a potential trade war could impact corporate profits, with a UBS Group AG basket tracking these names down about 8%.
Wednesday’s moves are an early test of the volatility investors can expect from Trump’s term. His comments sparked stock moves as far away as Australia, where junior miner Energy Transition Minerals, which has a rare earths project in Greenland, rose 52% after Trump confirmed his interest in acquiring the island.
“At this point, his statements raise questions and create uncertainty about the trade and foreign policy he intends to implement the day after his inauguration on January 20,” a team led by CIC Market Solutions economist Adrien Regnier-Laurent wrote in a note.
-With assistance from Paul Jarvis.
(Updates regarding luxury cars and stocks in the fourth paragraph.)
Most read from Bloomberg Businessweek
©2025 Bloomberg LP
https://media.zenfs.com/en/bloomberg_markets_842/88289615b0b37b9415dbf8ae913bd7ca
Source link