Greenland heats up; Japan’s Liz Truss moment

Wednesday 21st January 2026

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Markets are on edge this morning as the Greenland fallout continues to reverberate through currencies, bonds, metals and equities, with fears that US–European trade and intelligence ties may suffer lasting damage. Tensions escalated as the President revealed a private text exchange with President Macron and threatened 200% tariffs on French wine and champagne. Meanwhile, Japan has endured a sharp bond sell off —its “Liz Truss moment” — after concerns that Sanae Takaichi’s proposed tax cuts are unfunded. NAB’s Ken Crompton talks through a session that has seen commodity prices are surging, equities weaker and bond yields are higher across major markets.

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