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Futures tied to the main U.S. equity benchmarks edged lower as investors assessed the risk of new American tariffs targeting several European countries over Greenland. President Donald Trump said discussions on Greenland would take place during his attendance at a major economic forum in Switzerland, while European governments consider how to respond to his demand that the territory come under U.S. ownership. In the U.S., markets are also bracing for a potential Supreme Court decision on the legality of Trump’s tariff measures. Meanwhile, Netflix (NASDAQ:NFLX) is set to release its latest earnings.

Futures point to losses

U.S. stock futures were under pressure on Tuesday, signalling a weak start to a shortened trading week shaped by geopolitical uncertainty.

By 03:07 ET, Dow futures were down 677 points, or 1.4%, S&P 500 futures had fallen 102 points, or 1.5%, and Nasdaq 100 futures were lower by 449 points, or 1.8%.

Wall Street was closed on Monday for Martin Luther King Jr. Day, but global markets have started the week on the back foot. Sentiment has been dented by Trump’s warning that tariffs could be imposed on multiple European nations unless the U.S. is allowed to take control of Greenland. Trump has said the duties would start at 10% and could rise to as much as 25% in June if his demands regarding the semi-autonomous Danish territory are not met.

Analysts at Capital Economics warned that, if enacted and sustained, the tariffs could shave “something between” 0.2% and 0.5% off euro zone GDP, with Germany likely to bear a significant share of the impact.

“In practice though, we doubt that they will be implemented as advertised. We also think the [European Union] will be cautious in any retaliation in an effort to avoid further escalation,” the analysts said.

Trump flags Greenland talks in Davos

Trump said he plans to hold talks on Greenland during his visit this week to the World Economic Forum in Davos, Switzerland.

Posting on social media, Trump said he had a “very good” call with NATO Secretary General Mark Rutte. The president, who is scheduled to address business and political leaders in Davos on Wednesday, added that he would meet with “various parties” during the trip, without naming them.

Reiterating his stance, Trump wrote: “As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees!”

European governments are reportedly debating their response, including the possibility of imposing steep tariffs on €93 billion worth of U.S. goods. France has also called on the EU to consider deploying an anti-coercion tool that could extend to restrictions on investment or banking activity.

Such measures have been described as a potential EU “bazooka”, raising the risk of a serious rift between Brussels and Washington after a trade agreement was reached last summer. The situation has also revived questions about the future cohesion of NATO.

Supreme Court ruling in focus

Hovering in the background is a long-anticipated Supreme Court ruling on the legality of Trump’s sweeping import tariffs on a range of countries.

Trump has justified the measures under the 1977 International Emergency Economic Powers Act (IEEPA), which grants the president broad authority over international economic transactions during a national emergency. However, justices voiced notable scepticism during hearings late last year, prompting markets to expect a possible ruling against the administration.

Media reports suggest a decision could be issued as soon as Tuesday. Even so, U.S. Trade Representative Jamieson Greer told the New York Times that officials are preparing alternative duties that would “start the next day” should the court strike down the current tariffs.

Gold sets fresh record

Gold prices climbed to new record highs on Tuesday, as uncertainty surrounding U.S. demands over Greenland kept investors cautious and supported demand for safe-haven assets.

Both gold and silver hit all-time highs earlier in the week following Trump’s latest tariff threats. While silver saw some profit-taking on Tuesday, gold remained well supported, helped by a weaker U.S. dollar.

Spot gold rose 1.0% to $4,724.83 an ounce, while gold futures jumped 3.0% to $4,730.50 an ounce by 03:49 ET.

Netflix earnings awaited

On the earnings front, Netflix is due to report its quarterly results after the close of U.S. trading on Tuesday.

Bloomberg consensus estimates point to earnings per share of $0.55 on revenue of $11.96 billion. However, investor attention may focus more on any commentary surrounding Netflix’s interest in Warner Bros. Discovery (NASDAQ:WBD), which has also attracted a competing bid from Paramount Skydance.

The contest for Warner Bros. Discovery is expected to stretch over several months and could face regulatory scrutiny in both the U.S. and Europe. Netflix sees the group’s assets — including HBO Max and franchises such as “Harry Potter” and “Friends” — as a potential growth driver, even as it faces pressure to demonstrate returns from heavy investment in advertising and video games, despite hits like “Stranger Things” and its expansion into live sports.

Renault Group (EU:RNO) said on Tuesday that vehicle sales volumes increased 3.2% in 2025, supported by robust demand for passenger cars that helped counter a sharp slowdown in European van sales.

The group sold a total of 2.34 million vehicles during the year. While growth in Europe was limited to 0.5%, sales in international markets rose 11.7%, with particularly strong contributions from regions including South Korea, Morocco and Latin America. Renault, which remains heavily exposed to Europe, benefited from stronger momentum overseas as global auto demand improved in 2025, even as the industry continued to grapple with excess capacity and shifting tariff policies.

European performance was held back by a 21% fall in van volumes, reflecting softer market conditions and a deliberate adjustment to the company’s product mix. In contrast, passenger car sales climbed 5.9%, outperforming the wider market, driven by sustained demand for Renault’s top-selling Clio and Sandero city cars.

Renault has largely avoided the impact of tariffs because the bulk of its international sales come from markets where it manufactures locally, Ivan Segal, the brand’s global sales and operations director, told journalists.
“Our growth is driven by strong local production and content,” he said.

Electrified vehicles were another area of strength, with hybrid sales rising 35% year on year and electric vehicle volumes jumping 77% compared with the previous 12 months.

Looking ahead, Renault cautioned that delivering strong growth in Europe this year could prove difficult.
“We don’t expect a rebound in the European market,” Segal said.

Renault is scheduled to publish its 2025 financial results on February 19.

Informa Plc (LSE:INF) shares moved higher on Tuesday after the group released an unscheduled trading update that lifted its 2025 earnings outlook and unveiled a new £200 million share repurchase programme.

The company now forecasts adjusted earnings per share of about 55.5p for 2025, representing underlying growth of between 10% and 15% year on year. This marks a modest increase from its previous guidance of 54.9p and broadly aligns with market expectations of around 55.45p. Full-year revenue is projected at roughly £4 billion, implying underlying growth of 6.25%, or around 8% when excluding AI-licensing contracts at Taylor & Francis. Adjusted free cash flow is expected to reach £860 million, compared with £812 million in 2024.

Looking ahead to 2026, Informa flagged several headwinds, including the roll-off of biennial events, which is expected to reduce revenue by around £70 million and EBITA by £35 million. The move to a biennial schedule for Waste Expo from 2027 is also set to weigh on revenues by approximately £15 million. These impacts could be partly offset by additional AI-licensing agreements at Taylor & Francis, which have the potential to contribute £30–35 million in revenue and around £25 million in EBITA, while adverse foreign exchange movements are expected to be a further drag.

For 2026, the group guided to underlying revenue growth of about 6%, excluding AI-licensing contracts and the UAE partnership, which now operates as a separate company based in Dubai. Events revenue is forecast to increase by 7%, with double-digit EPS growth anticipated when stripping out the effects of AI deals, biennial events and currency movements.

Forward bookings for 2026 remain robust, with £1.5 billion of revenue already secured. Informa completed a £350 million share buyback during 2025 and has now launched a further programme of at least £200 million, equivalent to around 1.7% of its market capitalisation. The dividend for 2025 has been set at 22p, up 10% on the prior year and in line with previous guidance.

The update reiterates guidance provided at the company’s year-end capital markets day and recent field trips, pointing to a potential sixth consecutive year of double-digit underlying growth, even as current consensus forecasts for 2026 EPS of 58.4p sit slightly above the company’s latest outlook.

Shares in CPP Group Plc (LSE:CPP) slumped 43.8% after the company revealed it is reviewing options that include cancelling its listing on AIM and moving to a private ownership structure.

The UK-based assistance provider said its board is “actively pursuing and carefully assessing” a range of strategic alternatives, among them a possible delisting from London’s AIM market. The company pointed to the difficulties facing smaller quoted businesses, including “persistent undervaluation, limited liquidity, and the ongoing costs and administrative burden” associated with maintaining a public market listing.

According to the board, the advantages of remaining quoted “may no longer justify these costs” given the group’s current scale. Management added that capital and management time could be better directed toward expanding its core InsurTech platform, Blink Parametric.

CPPGroup stressed that no decision has yet been taken. Any proposal to delist would be subject to shareholder approval, requiring the support of at least 75% of votes cast at a general meeting.

Despite the sharp share price reaction, the company said trading in the second half of 2025 remains in line with management expectations. As at 31 December 2025, CPPGroup held £5.6 million in cash and is scheduled to receive a further £5.1 million in deferred consideration from past disposals over the next two years.

The group also announced that Brian Barter has been appointed Executive Director with immediate effect. Barter joined the business as chief executive of Blink Parametric in June 2025, having previously held senior roles at Accenture and Bank of Ireland, as well as serving as managing director at BoatyardX.

AstraZeneca (LSE:AZN) said on Tuesday that it plans to withdraw its American Depositary Shares and debt securities from Nasdaq and move to a direct listing on the New York Stock Exchange.

The change is scheduled to take effect after the close of trading on January 30, 2026, with AstraZeneca’s shares expected to begin trading on the NYSE from February 2. The group will continue to trade under its existing “AZN” ticker symbol following the transition.

As part of the new, harmonised structure, AstraZeneca will move away from its current American Depositary Share format, under which each ADS represents two ordinary shares. Instead, the company will list its $0.25 ordinary shares directly in the United States.

The company said the move is intended to streamline its share structure and simplify trading across its global markets.

TotalEnergies (EU:TTE) said improved downstream performance and higher oil and gas output should help absorb the impact of weaker commodity prices in the fourth quarter of 2025.

The French energy group expects fourth-quarter oil and gas production to increase by almost 5% year on year, driven by higher upstream volumes. As a result, full-year 2025 production growth is now projected to be close to 4%, exceeding the company’s earlier guidance of growth of more than 3%.

This rise in production is intended to counter a year-on-year drop of more than $10 per barrel in oil prices.
“Once again, despite a year-on-year decline of more than $10 per barrel in oil prices, the cash flow from business segments this quarter is expected to remain at the same level as last year, supported by accretive Upstream production growth and continued improvement of Downstream results,” the company said in its trading statement.

Shares in TotalEnergies were up around 0.6% in early Paris trading.

The group added that stronger upstream volumes should limit the decline in upstream results to roughly $6 per barrel, a smaller fall than the drop seen in crude prices. During the quarter, oil and gas prices weakened overall, while refining conditions improved markedly. TotalEnergies’ European refining margin indicator climbed to $85.7 per metric ton in the fourth quarter, representing a 231% increase from a year earlier.

Integrated LNG earnings are expected to be broadly in line with the third quarter of 2025, but still down around 40% compared with the same period last year, partly reflecting an 18% year-on-year decline in LNG prices.

In integrated power, cash flow is forecast to increase following farm-downs and minority stake disposals in renewable assets completed during the fourth quarter. These transactions are expected to allow the segment to reach around $2.5 billion in annual cash flow, in line with company guidance.

QinetiQ Group (LSE:QQ.) said on Tuesday that it remains on course to deliver its full-year outlook, projecting an operating margin of around 11% and earnings per share growth of between 15% and 20%, after securing more than £3 billion of orders so far this year.

The UK defence specialist said cash conversion for the 2026 financial year is expected to be close to 90%. While acknowledging continued near-term uncertainty around defence spending in its core markets, the company stressed that its financial guidance remains unchanged.

Total order backlog is currently around £5 billion, supported by a qualified pipeline of approximately £11 billion. QinetiQ added that its book-to-bill ratio has stayed above one and is expected to remain at that level for the full year, with revenue cover broadly in line with expectations outlined at the half-year stage.

Order intake since the interim results has included a £205 million five-year Typhoon contract, an 18-month £67 million agreement to develop and manufacture laser technology, and a £20 million UK contract focused on next-generation laser weapons development. The group also pointed to a two-year extension worth AUD$67 million for the Joint Adversarial Test and Training programme, alongside a £34 million UK award supporting a mission-critical C4ISR programme. QinetiQ noted that it was unsuccessful in the re-competition for the ACE contract, which is expected to transition during the year.

From an operational standpoint, the company said strong programme execution and timely delivery of milestones across UK and US contracts continue to underpin margin performance and cash generation. It highlighted a DragonFire laser weapon trial conducted in November, which allowed the programme to progress to its next phase, and confirmed that in December it supported a multi-day trial for the Dutch Navy — described as the first such trial carried out by a NATO ally using its facilities.

QinetiQ also said it is advancing restructuring initiatives across the group, including aligning its US operations more closely with national defence and security priorities, implementing changes in Australia, and streamlining activities in the UK. The company expects to generate around £150 million in free cash flow, with distributions to shareholders planned through dividends and share buybacks.

Chief executive Steve Wadey said in a statement, “We have made positive progress securing more than £3bn orders year to date,” adding that the group has an order backlog of around £5 billion and a qualified pipeline of £11 billion.

Helium One Global (LSE:HE1) said first helium gas was produced in December 2025 at the Pinon Canyon Plant on the Galactica Project in Colorado, marking a significant operational milestone for its joint venture with operator Blue Star Helium. The achievement represents the transition from development into early production and the start of initial revenue generation.

Technical teams are now focused on optimising plant performance and stabilising throughput to meet early offtake commitments. The first helium tube trailer is already on site and being filled, signalling the commencement of sales activity. Blue Star is pursuing a combination of short-term sales agreements to generate immediate cash flow, alongside longer-term offtake contracts intended to support predictable and scalable revenues over time.

Looking ahead, further well tie-ins and infill drilling are planned to increase supply to the plant and underpin a meaningful ramp-up in production through 2026. Management believes these steps will enhance Helium One’s position as an emerging domestic source of helium for the US market, where supply remains structurally tight.

More about Helium One Global

Helium One Global Ltd is a helium exploration and development company with core assets in Tanzania and a 50% working interest in the Galactica–Pegasus helium development project in Colorado, USA. The group holds helium licences across two continents and aims to position itself as a strategic supplier into a constrained global helium market. Its flagship Rukwa Project in Tanzania continues to advance through appraisal and development following a successful discovery and the award of a large-scale mining licence.