South32 Ltd (S32)

25/05/2021

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Weekend report 24/01/2026

Weekend Q&A – PART 2/2: The ASX shrugs off Greenland & interest rate headwinds

The ASX 200 finished a choppy week down just -0.5%, recovering from early weakness sparked by President Trump’s threats toward European allies tied to his ambitions around Greenland. While the rhetoric was quickly walked back at Davos, the episode was a reminder of how abruptly geopolitical risk can re-emerge. Yet markets largely shrugged it off, highlighting their resilience to headline-driven volatility. The “buy-the-dip” trade — closely tied to the so-called “TACO trade” (Trump Always Chickens Out) — continues to deliver, at least for now. The market may feel unsettled to many, but it's still up +1.7% year-to-date, dragged higher by a robust materials sector, which has already surged +9.3% in 2026.