Yesterday, equity markets were supported by a rebound in banking stocks (+5.9% for BlackRock, +5.8% for Morgan Stanley, +4.6% for Goldman Sachs, +4.5% for Citigroup) and the strength of semiconductors, in the wake of Taiwan's TSMC (+4.5%), with Nvidia (+2.1%), AMD (+1.9%) and Broadcom (+1%), with KLA in the spotlight at +7.7%.

The "Triple Witching" session and... Trump in the driving seat

After a string of data releases the day before, markets will make do today with the monthly US industrial production figures. With no key quarterly earnings on the calendar, the session is shaping up to be broadly quiet, even if this so-called "triple witching" session could generate a bit more volatility due to the expiration of futures contracts.

It is also the last session before a long weekend, as Wall Street will be closed on Monday for Martin Luther King Day.

In the meantime, the White House said late morning in Paris that Donald Trump is calling on Congress to pass the Great Healthcare Plan (the Grand Health Plan), a comprehensive plan aimed at cutting drug prices, lowering insurance premiums, holding major insurers accountable and maximizing price transparency. The announcement could fuel moves in the sector's stocks.

This morning, analysts at Oddo BHF reported that US households have never invested so much in equity markets. This asset class accounts for 42% of their financial wealth, versus "only" 32% at the time of the dot-com bubble.

According to the analysts, this household exposure, combined with unprecedented tensions between the White House and the Fed, as well as a stagnant private-sector labor market in the United States, calls for greater caution despite the resilience shown by the indices.

Greenland, a new strategic flashpoint

Donald Trump is expected at the Davos forum on January 21, one year and one day after the inauguration of his second term. Since then, points of friction with Europe have been plentiful: NATO, Ukraine, tariffs, digital taxes... and of course Greenland.

Europeans have also bolstered their military presence on the island as part of an exercise dubbed "Arctic Endurance".

"At Denmark's request, I have decided that France will take part in the joint exercises organized by Denmark in Greenland. Initial French military elements are already on their way," Emmanuel Macron said.

Danish soldiers have thus been joined by contingents from France, Sweden, Germany, Norway, the Netherlands, Finland and the UK.

A strategic region, Greenland is also coveted for its underground riches: it holds 24 of the 34 critical minerals identified by the EU.

Meanwhile, markets are still hanging on the Supreme Court's decision, as it is set to rule on the legality of the tariffs. A decision is expected before the end of the month.

WTI is up 1%, at around $59.8 a barrel, as is Brent (+1%), at $64.5. Crude prices are being buffeted by the situation in Iran, as Tehran faces a systemic crisis marked by nationwide protests since December, putting the regime into survival mode.

"Although a geopolitical risk premium of $3 to $6 is already priced into Brent, a regime collapse could trigger an initial supply shock that would push prices to between $70 and $75," AlphaValue/Baader Europe said in substance in a thematic note.

Finally, the dollar is down 0.1% against the euro, at around €0.86.