International - Financial Times - Credit Squeeze

Airfares and tobacco inflation artificially push headline figure higher

Plus the sustainability of the small-cap rally

Also in this newsletter: Europe replaces one gas dependency for another

Signature of ‘prosperity plan’ expected at Davos has been postponed amid transatlantic rift

Organisation’s executives including chair Larry Fink discuss future of annual shindig for political and business elites

While the US president fires off social media posts increasing tariffs, the bloc has to overcome political divisions to retaliate

As both sides scramble to source vital parts, some experts are convinced Russian buyers are being favoured by Beijing

Canadian leader calls on ‘middle powers’ to unite as Davos braces for US president’s arrival

European leaders criticise stance on Arctic island, with French president taking aim at ‘useless aggressivity’

Chancellor defends UK decision not to threaten retaliation over Greenland dispute

Capitalism has a new sheriff in town

Attack on Fed independence and threat to seize Greenland create ‘substantial risks’, says Andrew Bailey

The US is no longer predictable nor bound by any fundamental principles of action

Alexander Stubb on the possible scenarios facing the Arctic island

Though the Bulgarian lev was already pegged to the euro, the country had much to gain by joining the currency union

Also in today’s newsletter: ByteDance makes robust push into China’s cloud market, and Saudi banks aggressively expand borrowing

Latest data will help to reassure Bank of England that inflationary pressures are easing

Donald Trump declines to rule out using force to seize control of Arctic island

‘It may sound like American chauvinism . . . and it is. We’re done apologising about that,’ says a Trump official

The fortunes of furniture makers in North Carolina and Foshan in China show the impact of Trump’s tariff regime