US, Asian stocks tumble ahead of Trump speech

Asian stocks extended their losing streak on Wednesday, undone by heightened tension over US threats to acquire Greenland, in the lead up to President Donald Trump’s Davos speech. Fears of offshore selling of US assets – the ‘Sell America’ trade that emerged after last year’s Liberation Day – gripped markets as Wall Street tumbled over 2 per cent overnight and the US dollar suffered its biggest fall in over a month. That sent investors fleeing to the safety of gold, which surged 2.1 per cent to a new record of $4,865 an ounce. Mr Trump, however, doubled down on his rhetoric over Greenland, saying there was “no going back” on his goal to control the island.