The past few trading days were characterized in particular by the eagerly awaited speech by US President Donald Trump at the World Economic Forum in the Swiss Alpine resort of Davos and the anticipated comments on the Greenland conflict. From the perspective of the economic data calendar, there was also new data on the US inflation trend. Investors on both sides of the Atlantic could gradually be warming up for the Fed's key interest rate decision next Wednesday evening.
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Trump backtracks on Greenland - tariffs off the table for now
Following Trump's speech at the World Economic Forum in Davos, the US President announced a „framework for a future agreement“ on Arctic security. So far, however, it remains unclear what exactly this agreement should look like. Investors are likely to have been relieved that Trump does not intend to use military means to take over Greenland. In addition, the recently announced tariffs against Germany and some NATO allies are off the table for the time being. Trump had threatened special tariffs of 10 percent on imports into the USA from February 1.
ZEW Index clearly exceeds expectations
2026 could be a turning point for the economy, according to the Mannheim-based ZEW Institute. „The ZEW Index is rising strongly. 2026 could mark the turning point,“ said President Achim Wambach.
At 59.6 points, the ZEW index published on Tuesday was significantly better than expected in advance (50 points), following 45.8 points in the previous month.
US economy grows faster than expected in the third quarter of 2025 - „PCE deflator“ picks up again
The US economy picked up more strongly in the third quarter of 2025 than previously reported. According to the Department of Commerce, gross domestic product (GDP) climbed by 4.4% for the year as a whole compared to the previous quarter and therefore more strongly than previously expected (4.3%). The Ministry of Commerce had also expected an increase of 4.3% in an initial estimate. In the second quarter, GDP had stood at 3.8 percent.
The US Federal Reserve's preferred inflation measure (deflator for personal consumption expenditures) also attracted attention on Thursday afternoon, rising by 2.8% (year-on-year), compared with 2.70% previously.
Purchasing managers in Germany show mixed results - further impulses on the US side conceivable in the afternoon
The purchasing managers„ surveys (HCOB) published on Friday morning for the services, manufacturing and “total" sectors all showed better than expected growth for the Federal Republic of Germany. The counterparts for the eurozone were mixed overall.
S&P Global stocks will follow in the afternoon (15:45).
Netflix increases profit significantly
The figures published by Netflix (ISIN: US64110L1061) for the past financial quarter caused a stir in the reporting season on Tuesday. The US streaming service was able to significantly increase its profits in the past quarter. This resulted in a surplus of 2.42 billion dollars, around 29 percent more than a year ago. Turnover rose by 17.6 percent to around twelve billion dollars. For the first time in its history, the company had more than 325 million users.
Netflix
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