(Bloomberg) — Days before his inauguration, Donald Trump is roiling stock markets with comments on everything from defense to renewable energy, and even Greenland.
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Shares of companies exposed to wind energy, including Orsted A/S, Siemens Energy AG and Vestas Wind Systems A/S, all fell more than 6% on Wednesday after the US president-elect said he would try to not to have wind farms built. term.
Tank and missile makers got a boost after Trump called on NATO members to spend the equivalent of 5% of their economic output on defense, more than double the current target. Shares in Norwegian rocket manufacturer Kongsberg Gruppen ASA rose as much as 4.1%, while Sweden’s Saab AB rose 5.4% and Germany’s Rheinmetall AG rose 5.3%.
Meanwhile, a CNN report that Trump is considering declaring a national economic emergency to provide a legal basis for universal tariffs has dealt another blow to automaker and luxury goods stocks. Stellantis NV, the maker of Fiat and Alfa Romeo cars, fell as much as 3.1%, while Louis Vuitton owner LVMH fell as much as 2.2%.
European stocks with the biggest tariff exposure have underperformed the market since last year on concerns that any fallout from a potential trade war could hit corporate profits, with a basket of UBS Group AG such names down about 8%.
Wednesday’s moves are a preview of the volatility investors can expect during Trump’s term in office. His comments have sparked stock moves as far away as Australia, with small miner Energy Transition Minerals, which has a rare earths project in Greenland, surging 52% after Trump reiterated his interest in taking over the island.
“At this stage, his statements raise questions and create uncertainty about the trade and foreign policies he plans to implement the day after his inauguration on January 20,” a team led by CIC Market Solutions economist Adrien Regnier-Laurent wrote in a note.
–With help from Paul Jarvis.
(Updates with cars and luxury stocks in fourth paragraph.)
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