2026-01-21 21:14
Jan 21 (Reuters) - F/m Investments said on Wednesday that the asset manager has filed with a regulator for approval to record ownership of tokenized shares in its U.S. Treasury 3-month bill (TBIL) ETF on a permissioned blockchain. The filing with the U.S. Securities and Exchange Commission comes amid growing efforts by asset managers and exchanges to bring tokenization into traditional markets, even as U.S. regulators assess how blockchain-based settlement and record-keeping can operate under long-standing securities laws. Sign up here. The industry says tokenized shares — blockchain-based instruments that track traditional equities — could revolutionize stock markets by allowing 24/7 trading and instant settlement, boosting liquidity and reducing transaction costs. "Tokenization is coming to securities markets whether we file this application or not," said Alexander Morris, CEO of F/m Investments. "The question is whether it happens inside the regulatory framework investors have relied on for 85 years, or without that set of protections for investors." Coinbase (COIN.O) , opens new tab, the largest U.S. crypto exchange, has previously sought permission from the SEC to offer "tokenized equities" to its customers while Nasdaq (NDAQ.O) , opens new tab is working with U.S. regulators to introduce trading of tokenized securities. However, F/m is seeking approval to apply the structure to a registered ETF, with tokenized shares carrying the same CUSIP — the security's unique identifier — along with identical investor rights, fees and voting privileges. If the SEC approves the request, the structure would allow TBIL to operate across both traditional brokerage systems and digital-native, token-aware platforms using a single share class, without any changes to the ETF's investment objective, portfolio, index or exchange-traded mechanics. "Unlike stablecoins or unregistered digital tokens — which generally cannot guarantee backing by traditional assets — F/m's approach keeps tokenized shares firmly within the Investment Company Act of 1940," the company said in a statement. https://www.reuters.com/business/fm-investments-seeks-sec-approval-tokenize-treasury-bill-etf-shares-2026-01-21/
2026-01-21 21:13
Trump's stance on Greenland unsettles the market Strong prices have begun to erode Chinese demand Tin is strongest gainer on LME Jan 21 (Reuters) - Copper prices rose on Wednesday after a sharp decline in the previous session, as investors focused on tight inventories outside the U.S., even as traders questioned whether demand would be sustained. Benchmark three-month copper on the London Metal Exchange was up 0.4% at $12,796 per metric ton as of 1700 GMT, after closing down 1.6% on Tuesday. The metal hit a record high of $13,407 one week ago. Sign up here. "While the broader base metals complex remains volatile, structural tightness continues to underpin prices," Neil Welsh, head of metals at Britannia Global Markets, said in a note. The premium of the cash LME copper contract over the three-month forward spiked to more than $100 a ton on Tuesday, indicating strong demand for near-term metal, but the spread flipped into a $23.50 a ton discount on Wednesday. DOUBTS OVER WHETHER RALLY CAN ENDURE Dan Smith, managing director at Commodity Market Analytics, said markets were nervous about the global geopolitical situation after U.S. President Donald Trump threatened to impose tariffs on European allies opposed to his goal of gaining control of Greenland. "I'm a bit dubious about this bounce," Smith said of copper after it rose as much as 1.6% in morning trade, adding that his algorithm was now giving him a sell signal. "It suggests any kind of strength will be short-lived." The recent price rally has also dented demand in China, the world's biggest consumer of metals. The Yangshan copper premium , a gauge of Chinese appetite for copper imports, fell to $22 a ton, the lowest in almost 18 months. "China macro looks pretty strong, but high copper prices tend to weaken demand if you're not careful," Smith said. China exported 96,000 tons of refined copper in December, down around one-third from November's bumper shipments but still more than five times higher than a year earlier. Tin was the biggest gainer on the LME, adding 3.9% to $51,000 a ton as Indonesia cracks down on illegal mining, while nickel jumped 2.3% to $17,995. Aluminium rose 0.5% to $3,124, zinc gained 0.2% to $3,178.50 and lead lost 0.2% to $2,024. https://www.reuters.com/business/copper-climbs-with-tight-stocks-demand-focus-2026-01-21/
2026-01-21 21:09
Helicopters, rescue dogs pressed into search effort Rescuers to work through the night with earthmoving machinery Landslide followed heavy rains that wrought havoc Media say children among the missing WELLINGTON, Jan 22 (Reuters) - Rescue workers combed rubble on Thursday at a campsite in New Zealand as they searched for the missing, children among them, after a landslide triggered by heavy rains that snapped power links to thousands and caused widespread damage. Homes were evacuated and roads closed as the rain lashed almost the entire eastern seaboard of the North Island, while police estimate the number of missing in single digits after Wednesday's landslide in the tourist spot of Mount Maunganui. Sign up here. Rescuers will use earthmoving equipment to claw away layers of debris as they work through the night to locate the missing, emergency services said in a statement. "This is a complex and high-risk environment," added Megan Stiffler, a fire and emergency services official. "The teams will be operating overnight until the search is complete." The number of missing was in the "single figures", police superintendent Tim Anderson told a press conference, adding, "It is possible we could find someone alive." Helicopters and search and rescue dogs fanned out in the hunt, while media said 8,000 people are still without power, down from 16,000 earlier. No deaths had yet been confirmed. SIGNS OF LIFE DETECTED One witness, Nix Jaques, told Radio NZ she heard an incredibly loud noise as she was about to walk up a mountain. "I turned around and I could see the land coming down onto some structures," she said. "It came down on an ablutions block - I believe there were some people in the showers - and it shifted a campervan, there was a family with a campervan." No voices have been heard in the rubble since fears of further ground movement prompted first responders to withdraw despite detecting signs of life, said fire and emergency commander William Pike. "My understanding was members of the public ... tried to get into the rubble and did hear some voices," he said, adding that the sounds were also heard by a fire crew at the scene. "Shortly after our initial crew arrived, we withdrew everyone from the site, due to the possible movement of the slip," Pike said. Children were among the missing, media said, citing Mark Mitchell, the emergency management minister. PEOPLE MISSING ELSEWHERE Police said two people were missing after another landslide struck a house in neighbouring Papamoa, with a third missing after their vehicle was washed away north of Auckland on Wednesday. Prime Minister Christopher Luxon said the government was doing all it could to support those affected. "We are standing with these local communities in the response - and we will stand with them in the recovery too," he added on X. Transport authorities said roads had been closed in the areas of Northland, Bay of Plenty and Waikato, while local authorities said road damage cut off some small communities. Weather officials have lifted all North Island warnings as a tropical low moves east. https://www.reuters.com/business/environment/heavy-rains-wreak-havoc-new-zealands-north-island-2026-01-21/
2026-01-21 21:06
ATHENS, Jan 21 (Reuters) - Two people died on Wednesday in Greece after torrential rain flooded homes and businesses in Athens and other parts of the country, authorities said. A woman died after being hit by a car that was carried away in flash floods in the southern Athens suburb of Glyfada, a fire brigade official told Reuters. Sign up here. Earlier on Wednesday, a cost guard officer was washed away by the rough sea in a port in Peloponnese, southern Greece. "Ηe fell into the sea while he was trying tie up a small boat in the harbour," said a coast guard official. The fire brigade has received hundreds of calls to pump water out of flooded buildings in Athens. The rainstorm was expected to move to the eastern part of the country on Thursday. https://www.reuters.com/sustainability/climate-energy/two-dead-rainstorm-pound-greece-2026-01-21/
2026-01-21 20:50
Jan 21 (Reuters) - U.S. President Donald Trump on Wednesday withdrew a threat to impose tariffs on a number of nations for their stance on Greenland, saying he had reached the outlines of a deal with NATO on the island's future. "Based upon this understanding, I will not be imposing the tariffs that were scheduled to go into effect on February 1st," Trump wrote on Truth Social after a meeting with NATO Secretary General Mark Rutte in Davos. He did not give details of the deal. Sign up here. MARKET REACTION *U.S. stocks sharply extended gains; S&P last up 1.4% *U.S. Treasury yields extend fall; 10-year yield last down 4.2 basis points at 4.255% *U.S. dollar index last up 0.1% at 98.79 MATTHEW SMART, DIRECTOR OF FINANCIAL PLANNING AND PORTFOLIO ANALYSIS, WWM INVESTMENTS IN CHICAGO, IL “Markets aren’t rallying because they suddenly understand the endgame in Greenland. They’re rallying because uncertainty just got priced out. The signal from Donald Trump coming out of Davos is coordination, not confrontation, and that matters. Pulling back near-term tariffs while opening a framework with NATO around Greenland tells investors this is shifting from headline risk to negotiation risk. “Historically, markets are very comfortable with negotiation risk. From an investment perspective, this fits the broader pattern we’ve seen time and again, aggressive positioning to gain leverage, followed by deal architecture that lowers the probability of policy shock. When you reduce the odds of a sudden trade or geopolitical escalation, risk assets tend to breathe easier, and today’s price action reflects exactly that.” ART HOGAN, STRATEGIST, B. RILEY WEALTH MANAGEMENT, BOSTON: “Yesterday was like April all over again, just as we thought we were close to the exits on this very long tariff threat journey. So today’s retracement of most of the selling that we saw yesterday makes sense: we got the positive news that Trump wouldn’t use the military to invade Greenland, which got the ball rolling. Then came the Truth Social Post that a deal of some kind was struck. So the biggest headwinds have been removed, at least in emotional impact on the market. But what we need now is a constant flow of fundamental good news in the shape of better earnings. Hopefully next week we’ll see more of that from a wider array of S&P 500 companies, and not have to rely on random Truth Social posts for good news.” SAHAK MANUELIAN, MANAGING DIRECTOR FOR GLOBAL EQUITIES TRADING AT WEDBUSH SECURITIES, PASADENA, CA: "President Trump came out and said that he would not be imposing tariffs on February 1st and that there's some framework of a future deal that will be coming together so markets went up on that news." "With the build up over Greenland in the last few days and the proposed tariffs for February 1 investors were certainly worried and there was also a lot of angst about whether or not he'd take military action, which he shot down earlier this morning when he was speaking at the World Economic Forum in Davos." KARL SCHAMOTTA, CHIEF MARKET STRATEGIST, CORPAY, TORONTO: “The President’s apparent climbdown should take some already-discounted tail risks off the table in markets... However, it is important to note that the episode shocked investors out of their early-year complacency, and has provided a valuable reminder of the risks still underpinning global market valuations.” MICHAEL BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON “Very predictable, I suppose, as we had been viewing this as an ‘escalate to de-escalate’ situation all along.” “Now that geopolitical risk has been dialed down by many notches, I’d expect that participants will re-focus on what remains a solid equity bull case, as seen by dip buyers already stepping in, while risks to the USD also tilt to the upside, as we again focus on the US macro outlook, where risks tilt firmly to the upside.” “Frankly, the specifics of the ‘deal framework’ don’t really matter, just that there shan’t be an escalation, and that tariffs won’t happen, is enough to soothe any and all worries that investors had had.” MATT WELLER, GLOBAL HEAD OF MARKET RESEARCH AT STONEX, GRAND RAPIDS, MICHIGAN "We're seeing a bit of a relief rally in markets. Specifically on the FX front, the dollar is recovering, though notably still down from where it opened the week." "I really do think the details perhaps are not as relevant, even perhaps if they never come to light. The near-term crisis appears to be behind us, and we'll wait to see what crops up next to drive sentiment." https://www.reuters.com/business/finance/view-investor-reaction-us-president-trump-withdraws-tariff-threat-says-greenland-2026-01-21/
2026-01-21 20:24
News of Greenland deal framework cheers investors Indexes up: Dow 1.21%, S&P 500 1.16%, Nasdaq 1.18% United Airlines rises on upbeat Q1 and full-year outlook More positive bank earnings lifts regional bank index to 14-month high Jan 21 (Reuters) - Wall Street ended higher on Wednesday, with the S&P 500 posting its biggest one-day percentage gain in two months, as investors were buoyed by news that a framework for an agreement on Greenland had been reached and the possibility of new U.S. tariffs on European allies had been averted. Both the Dow Jones Industrial Average (.DJI) , opens new tab and Nasdaq Composite (.IXIC) , opens new tab also enjoyed milestone days, gaining the most in percentage terms since January 5 and December 19, respectively. Sign up here. The advances stood in stark contrast to the previous day's selloff, which had been the worst daily performance by all three benchmarks since October 10, and reflected the latest episode of U.S. President Donald Trump initially using tariff threats to push his agenda before rolling back the rhetoric when a policy victory could be declared. "We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," Trump wrote on his Truth Social platform. "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st." Wall Street benchmarks had been trading in positive territory at the time of the announcement, but soared in its wake as investors cheered the aversion of a potential new tariff war over the future of Greenland. "I don't think who owns Greenland has any immediate impact on anything, in terms of economics," said Jason Pride, chief of investment strategy & research at Glenmede. "What is the economic impact is whether we all start imposing tariffs on each other," he added. The Dow Jones Industrial Average (.DJI) , opens new tab rose 588.64 points, or 1.21%, to 49,077.23, the S&P 500 (.SPX) , opens new tab gained 78.76 points, or 1.16%, to 6,875.62 and the Nasdaq Composite (.IXIC) , opens new tab gained 270.50 points, or 1.18%, to 23,224.83. MOMENTUM SWINGS Before the mid-afternoon Greenland announcement, Wall Street had been broadly positive, as investors responded to Tuesday's bruising selloff. However, while initial momentum had propelled benchmarks more than 1% higher, this energy had been ebbing by early afternoon. While light on details, Trump's announcement allowed markets to focus on underlying strengths within the U.S. economy, including strong earnings from banks. The latest wave of results from lenders, including some of the largest superregional names, helped send the regional banking index (.KRX) , opens new tab soaring 4.7% to its highest close since November 2024. (CFG.N) , opens new tab surged 7.1%, to a record closing high, on the back of a 31.7% jump in quarterly profit. Truist Financial Corp (TFC.N) , opens new tab climbed 1.8% after recording higher interest income and fees from investment banking. POSITIVE ENERGY All the S&P 500 subsectors rose, led by energy (.SPNY) , opens new tab. It was buoyed by Halliburton (HAL.N) , opens new tab, which gained 4.1% after earnings beat estimates, while EQT Corp (EQT.N) , opens new tab and Expand Energy (EXE.O) , opens new tab advanced 6.5% and 4.5% respectively, as natural gas prices hit a six-week high on cold weather. United Airlines (UAL.O) , opens new tab rose 2.2% after the carrier issued an upbeat outlook for the current quarter and the full year. Other airlines benefited from the positive sentiment, with Delta Air Lines (DAL.N) , opens new tab, American Airlines (AAL.O) , opens new tab and Southwest (LUV.N) , opens new tab all gaining between 1.1% and 2.4%. Meanwhile, (NFLX.O) , opens new tab dropped 2.2% after reporting a muted outlook in its latest earnings. The streaming giant's stock was also weighed by a pause in share buybacks to help fund the purchase of Warner Bros Discovery's (WBD.O) , opens new tab studio and streaming businesses. O> fell 5.7% after a regulatory filing showed Berkshire Hathaway (BRKa.N) , opens new tab may shed its 27.5% stake in the consumer company. https://www.reuters.com/business/us-stock-futures-steady-after-wall-street-rout-eyes-trump-davos-2026-01-21/
