Pre-Market Report – Thursday 22 January: Trump blinks | US markets rally, SPI up 47

There was a relief rally in the US markets overnight after Donald Trump moderated his rhetoric against the EU over Greenland and withdrew his tariffs threat, at least for the February deadline originally in place. He also ruled out taking Greenland by force. That said, he still wants it under American ownership. Both the Nasdaq and S&P500 rose over 1%. It was a broad based rally with every sector up except a tiny drop in utilities. The big chip stocks rallied strongly while the bounce in US big tech was slightly more moderate.  

Energy led the way as a sector as oil finished up and natural gas rips up. They have risen over 50% over the last 2 sessions. There’s a cold spell hitting America and stoking heating demand.   

SPI futures up 47 points. ASX set to open higher.  Plenty of quarterlies. Gold hits record.

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