Trump Brings Greenland Fight to Davos | Balance of Power 01/20/2026

Watch on YouTube ↗  |  January 21, 2026 at 00:58  |  47:50  |  Bloomberg Markets
Speakers
Euan Rellie — Co-Founder & Managing Partner, BDA Partners
Sergio — CEO, UBS
Meghan Hays — Democratic Strategist, Former Special Assistant to President Biden
Romaine Bostick — Anchor, Bloomberg
Leon Panetta — Former US Secretary of Defense, Former CIA Director, Former White House Chief of Staff
Meredith Crowley — Professor of Economics, University of Cambridge

Summary

Trump's Greenland push and tariff threats against European allies dominated the show as stocks, bonds, and the dollar sold off. Guests debated the geopolitical and economic fallout, including NATO risk and potential EU retaliation. Market strategists pointed to a sell-America rotation favoring European tech, defense, and utilities, while others defended U.S. asset exposure.

  • Trump threatened tariffs on European nations over Greenland and headed to Davos amid allied tensions.
  • U.S. stocks, bonds, and the dollar fell sharply, with Wall Street posting its worst session since April.
  • Euan Rellie described a sell-America rotation favoring European tech, ASML, Taiwan Semiconductor, European defense, and European utilities.
  • UBS CEO Sergio argued diversifying away from U.S. assets and the dollar is dangerous.
  • Leon Panetta and Meredith Crowley discussed NATO risks and potential EU retaliation through tariffs or digital services taxes.
  • Netflix shares fell after hours on concerns about its debt-funded Warner Bros. deal and margin pressure.
  • A political panel debated Trump's Davos message, the Fed chair search, and midterm affordability.
  • Meghan Hays predicted the market would fall on Greenland tariff concerns.
Ideas
Euan Rellie Co-Founder & Managing Partner, BDA Partners 18:03
Sell America risk-off regime underway.
Trump's Greenland pressure and threats of a trade war and even war have put markets in a sell-America, risk-off regime; if there is no room for compromise on Greenland, global investors could be discouraged from putting money to work in the U.S. for the first time in the speaker's career.
SPY MED
Euan Rellie Co-Founder & Managing Partner, BDA Partners 18:45
Non-U.S. tech leads sell-America rotation.
The sell-America risk-off rotation is benefiting non-U.S. tech and semiconductor equities; European tech is attracting money with ASML up sharply this year, and Taiwan Semiconductor and Asian equivalents are also rising while the Mag 7 lags.
European tech ASML TSM MED
Sergio CEO, UBS 19:21
U.S. and dollar diversification dangerous.
Diversifying away from America is impossible in any major asset allocation; investors can tweak overweights or underweights, but diversifying away from the U.S. and the dollar is a dangerous bet. This supports staying exposed to U.S. assets and the dollar.
SPY UUP MED
Euan Rellie Co-Founder & Managing Partner, BDA Partners 23:01
European defense has further to run.
European defense stocks should keep rising because if European countries conclude NATO no longer has a future, the only alternative is to defend themselves; the sector has already compounded about 75% per year over the past three years and has further to go.
ITA HIGH
Euan Rellie Co-Founder & Managing Partner, BDA Partners 23:36
European utilities well-placed as defensive holdings.
European utilities are well-placed as defensive holdings amid geopolitical uncertainty and a return of European national pride, consistency, and stability, with European leaders trying to respond to the NATO/Greenland crisis.
IEUS MED
Meghan Hays Democratic Strategist, Former Special Assistant to President Biden 47:22
Market will fall on Greenland tariffs.
The stock market will fall as investors react to Trump's Greenland tariff threats; world leaders are nervous and adding tariffs is challenging, making near-term market direction negative.
SPY MED
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This Bloomberg Markets video, published January 21, 2026, features Euan Rellie, Sergio, Meghan Hays discussing SPY, European tech, ASML, TSM, UUP, ITA, IEUS. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Euan Rellie, Sergio, Meghan Hays  · Tickers: SPY, European tech, ASML, TSM, UUP, ITA, IEUS