EU Policies Discourage U.S. Businesses, Says -2-

1012 GMT - European miners mostly fall even as the vast majority of stocks on the continent rally after President Trump said the U.S. wouldn't impose Greenland-related tariffs on eight European countries. Falling safe-haven commodity prices weigh on stocks, with gold and silver miner Fresnillo down 2.8%, making it the third biggest faller in the Europe-wide STOXX 600 index. Gold prices slip 0.3% in New York as geopolitical tensions ease, though prices remain above $4,800, close to all-time highs. Rio Tinto falls 1.5% after gaining Wednesday, while Endeavour Mining drops 2.2%. There are bright spots in the sector, however. Steelmaker ArcelorMittal climbs 4.85%, while Hochschild climbs 2.6% after a production update Wednesday. ([e-mail])

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European Gas Tops 40 Euros as Cold Weather, U.S. Supply Concerns Drive Rally

0928 GMT - European natural-gas prices briefly climbed above 40 euros a megawatt-hour-their highest level since June-driven by concerns over rising heating demand and a record rally in U.S. prices. The benchmark TTF gas contract trades 0.6% higher at 39.45 euros after hitting 41.92 euros earlier, and is up 18% on the week. "The European market has been dealing with its own cold weather and tight storage," analysts at ING say. "Supply concerns in the U.S. will only add to these worries, given the potential for a disruption in LNG flows to Europe." U.S. natural-gas prices for February delivery settled 25% higher in the previous session. Volatility is expected to remain elevated in the near term due to cold-weather forecasts and EU gas inventories standing at 48%, the analysts say. ([e-mail])

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Oil Slips With Focus on Easing Greenland Tensions, Demand Outlook

0907 GMT - Oil prices edge lower in early trading after geopolitical tensions over Greenland cooled, supporting broader markets. Brent crude is down 0.4% to $64.99 a barrel, while WTI slips 0.3% to $59.90 a barrel. U.S. President Trump said he would hold off from imposing tariffs on several European countries after reaching the framework of a deal, a move that reduces risks of trade frictions that would likely weigh on global demand. Meanwhile, the International Energy Agency reiterated its expectation of a significant supply glut this year, but raised its oil-demand growth expectations. Traders now await the release of official U.S. crude inventory data due later on Thursday after industry reports that stockpiles rose by 3 million barrels last week. ([e-mail])

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Goldman Raises Year-End Gold Forecast to $5,400 an Ounce -- Market Talk

0848 GMT - Goldman Sachs raises its year-end gold-price forecast, citing a broadening of private-sector diversification into bullion. "We assume that private sector diversification buyers--whose purchases hedge global policy risks and have driven the upside surprise to our price forecast--don't liquidate their gold holdings in 2026, effectively lifting the starting point of our price forecast," analysts at the U.S. bank say. Goldman now forecasts gold at $5,400 an ounce in December, up from a prior expectation of $4,900 an ounce. It also says it expects central-bank purchases to average 60 tons in 2026 as emerging-market central banks continue diversifying reserves into gold, contributing to the price increase. ([e-mail])

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DAVOS: Climate Science 'Changing Everything,' Says Fortescue's Forrest -- Market Talk

0500 GMT - As data centers fuel energy demand, betting everything on oil and gas doesn't add up, says Fortescue's Andrew Forrest. It takes decades to build oil-and-gas capacity, he tells the WSJ Leadership Institute at Davos. "Renewable energy on a 24/7 baseload basis, to be proved by my company within 3 years...is coming," and it will be cheaper than oil and gas in both operating and capital costs. Forrest sees a dissonance between the embrace of artificial intelligence and backlash against renewables. "You can't pick and choose--either science is rubbish or science is true, mate," he says. "Don't say 'I'm doing AI cause I've got the best computer scientists, then 'By the way, climate science doesn't matter, it doesn't work.' If you believe in science, climate science is changing everything--technology of renewable energy is changing everything." ([e-mail])

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DAVOS: Fortescue's Forrest Says Business Case for Green Energy Is Clear -- Market Talk

0432 GMT - Fortescue's Andrew Forrest has a message for business and political leaders: The case for green energy is clear. It's ironic that the winds are blowing against renewables just as technology is making them competitive, he tells the WSJ Leadership Institute at Davos. "I can build massive power plants in renewables inside a year. I can power them with AI inside a second...with oil and gas--you're looking at a decade." He questions the logic behind antisustainability. "If you drop your values just cause there's pressure on them...or you get political pushback, then who actually are you?" Fortescue does tens of billions of dollars in projects, "so if we're going green it's not because we're woke," but because it's economic and the right thing for shareholders. "Look, I'd buy your coal, oil & gas mate, but it's too expensive. I've got renewable energy, it's cheaper." ([e-mail])

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(END) Dow Jones Newswires

01-22-26 1158ET