All eyes were on Donald Trump as he arrived in the early afternoon in Davos, Switzerland, where his speech was particularly awaited. His stated desire to annex Greenland - currently an autonomous Danish territory - has reignited tensions with Europeans and raised the risk of a rupture within the transatlantic alliance.

"No country other than the United States is able to ensure Greenland's security," the White House occupant said, arguing more broadly that Europe "was not heading in the right direction". "You can say yes, and we will appreciate it; or you can say no, and we will remember it," Donald Trump added, ranging over a series of topics, from Gaza to Ukraine.

On the US data front, construction spending in October came in better than expected: +0.5% after -0.6% in September and a consensus of +0.1%.

Tomorrow, investors will be watching several releases closely, including the PCE price index for November - the inflation gauge most closely watched by the Fed, a week ahead of its decision (for which a hold is very widely expected at this stage) - and a new estimate of third-quarter GDP growth.

On the stock front, Netflix (-3.91%), the S&P 500's second-biggest decliner, posted better-than-expected fourth-quarter results last night, but also delivered cautious guidance for 2026, against a backdrop of plans to move closer to Warner. For their part, Coca Coca Company (-1.18%) and Johnson & Johnson (-1.02%) brought up the rear of the Dow Jones index.

At around 4:00 p.m., gold was up 2% at $4,856 an ounce, after setting a fresh intraday record at $4,891.