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Markets Reel Over Greenland Standoff

President Donald Trump arrived at the World Economic Forum on Wednesday to meet with European leaders furious over his campaign to acquire Greenland, declining to specify how far he would go to seize the Danish territory while market turmoil from the dispute intensified.

Trump told reporters Tuesday he has scheduled multiple Greenland meetings in Davos and predicted “things are going to work out pretty well.” When asked how far he would pursue the acquisition, Trump responded, “You’ll find out.”

The president’s aggressive stance triggered financial fallout as Danish pension fund AkademikerPension announced on Tuesday it would sell $100 million in US Treasuries by month’s end. While the fund cited poor US government finances, investment director Anders Schelde acknowledged Trump’s threats “didn’t make it more difficult to take the decision.”

You can read more on the matter here.

What’s going on?

• Venezuelan Oil Production in Orinoco Belt Plunges 23% Under US Blockade (theDeepDive)

• Greenlanders looking for Canadian support amid U.S. threats, Governor General says (CBC)

• Carney Declares End of Rules-Based Order in Davos Speech, Calls for Middle Power Coalition (theDeepDive)

• Toronto housing project set to expand after success tackling homelessness, cutting ER visits (Globe)

• Putin, Lukashenko Invited To Trump’s Board Of Peace To Handle Gaza (theDeepDive)

• Ecuador to impose 30% tariff on Colombian goods from February (Reuters)

• New Research Shows Americans, Not Foreign Countries, Pay Trump’s Tariffs (theDeepDive)

• Pending home sales drop sharply in December, dampening 2026 outlook (CNBC)

What’s the latest?

• Tax: U.S. President Donald Trump floated allowing depreciation deductions for personal residences at the World Economic Forum, arguing homeowners should access a tax break currently limited to business and rental property. The proposal lacks details or clear congressional backing and would raise issues like depreciation recapture on sale, but aligns with broader housing affordability efforts, including a new ban on institutional investors buying single-family homes.

• Politics: PM Mark Carney wrapped a 9-day global trip focused on investment, highlighted by a World Economic Forumspeech warning of a breakdown of the rules-based order and urging middle powers to coordinate against economic coercion. The tour delivered a China trade reset unlocking ~$7B in agricultural exports (beef, canola) tied to limited EV market access, plus Qatar investment outreach. Carney’s stance implicitly counters Donald Trump’s tariff politics, drawing cross-partisan criticism while reframing Canada’s foreign policy amid heightened geopolitical risk.

• Market: Canada’s S&P/TSX rose 130.60 points to 32,880.88, while U.S. markets rebounded after Donald Trump said he would not use military force over Greenland, lifting the Dow (+449.63), S&P 500 (+67.67), and Nasdaq (+256.28). The CAD strengthened to US$0.7243, crude edged up to US$60.52/bbl, and gold jumped US$84.50 to US$4,850.30/oz in late-morning trading.

• Oil & Gas: Cenovus Energy is exploring a sale of its Deep Basin conventional oil and gas assets that could raise ~C$3B, as it looks to cut debt after its C$8.5B acquisition of MEG Energy. Net debt rose to ~C$10.7B post-deal, and proceeds could help move toward its C$4B debt target, while capital spending pivots to oil sands (up to C$3.6B) versus conventional assets (~C$500M).

• Economics: A survey by Normandin Beaudry shows Canadian businesses expect ~3.0% salary increases in 2026 (excluding freezes), slightly below the 3.1% forecast last summer. About 75% of organizations are holding budgets steady, while 16% are cutting and 10% are increasing pay plans, reflecting caution amid economic and trade uncertainty.

Alta Copper’s $139M Buyout

The stock market and stuff

• Eldorado Gold Achieves Upper End Of 2025 Production Guidance (theDeepDive)

• Berkshire Hathaway considers selling $7.7bn stake in Kraft Heinz (FT)

• Hong Kong, Shanghai Move to Create Gold Trading Hub as Prices Soar (theDeepDive)

• Bitcoin’s Slide Erases Gains Posted Since the Start of the Year (Bloomberg)

• Seabridge Gold Expects To Complete Courageous Lake Spin-Out By End Of Q2 (theDeepDive)

In the juniors

• Collective Mining Drills High-Grade Gold and Tungsten from Surface, Including 111.15 Metres at 5.48 g/t Gold Equivalent at Apollo (JMN)

• Silver47 Begins Drill Program At Mogollan Project In New Mexico Targeting High Grade Silver (theDeepDive)

• Newcore Gold Diamond Drilling Intersects First Visible Gold, High-Grade Gold Mineralization with 147.5 g/t Gold over 1.0 Metre and 3.22 g/t Gold over 17.0 Metres, at the Enchi Gold Project, Ghana (JMN)

FULL DISCLOSURE: Sage Potash is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sage Potash. The author has been compensated to cover Sage Potash on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.