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Fed Served with Grand Jury Subpoenas, Heineken CEO Steps Down | The Opening Trade 1/12/2026

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Fed Chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the institution. Gold and Silver rallied to record highs helping drive mining stocks higher. Heineken shares fall after the company said that CEO and Chairman Dolf van den Brink has decided to step down on May 31. Defense stocks open higher with rising tensions around Iran and Greenland.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:12 – Market Check
00:00:48 – Powell Says DOJ Served Fed with Subpoenas
00:04:37 – Oil Holds Gains
00:06:45 – S&P Futures
00:10:58 – Japan Vote Boosts Futures
00:11:47 – UK, Germany Discuss NATO Presence in Greeland
00:14:13 – Powell Warns of Political Pressure
00:27:53 – Trump Insists US Will Have Greenland
00:33:07 – Trump Tariffs Supreme Court Ruling
00:37:36 – Iran Protests
00:42:28 – Iran Unrest Threatens Oil Supply
00:47:35 – Stocks to Watch: Defense, Heineken, Miners
00:51:25 – Barclays Stock
00:58:07 – Gold, Silver Hit Records
01:06:42 – Monthly OPEC Crude Production
01:17:54 – ElevenLabs CEO Mati Staniszewski on AI
01:26:34 – Fed Independence in Question
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Yardeni Says Inflation, Fed Back in Play on Iran Crisis

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Ed Yardeni, president of Yardeni Research, says the flare-up of fighting with Iran rekindles market concern that rising oil prices will stoke inflation — and force the Federal Reserve to hike interest rates. He speaks on Bloomberg Television’s “Surveillance.”
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Trump Says US Will Give Ukraine License to Make Patriot Missiles

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President Donald Trump, speaking at the NATO Summit in Ankara, Turkey, says the US plans to give Ukraine a license to make their own air defense Patriot missiles. During a meeting with Ukraine President Volodymyr Zelenskyy, Trump says it’s very complex, but we’ll “show them how to do it.”
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Ukraine Seeks Faster Patriot Production

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Axios defense reporter Colin Demarest says President Donald Trump’s proposal to let Ukraine produce Patriot interceptors faces significant manufacturing, licensing and technology hurdles, making it unlikely to address Kyiv’s immediate air defense needs. He says shortages of advanced interceptors continue to raise broader questions about defense industrial capacity, while Ukraine’s rapid innovation in drones is reshaping how allies think about modern warfare.
——–
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Paramount-Warner Bros. Deal Challenged by California, States

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A group of 12 states sued Paramount Skydance Corp. Monday seeking to block its $110 billion bid to buy Warner Bros. Discovery Inc., alleging the blockbuster Hollywood deal would leave viewers with higher prices and fewer choices for movies and television.  Jennifer Rie, Bloomberg Intelligence Senior Litigation Analyst for Antitrust joins Bloomberg Businessweek Daily to discuss.
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Makary on FDA’s rollback of hormone replacement therapy warnings #shorts #fda #hrt #womenshealth

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Dr. Marty Makary, former FDA Commissioner, explains the decision behind the FDA’s rollback of long-standing warnings on hormone replacement therapy. On Wall Street Week we look at the $360 billion women’s health market, Wall Street’s investment in menopause and the challenges of distinguishing evidence-based care from marketing hype https://bloom.bg/3EMZYZX

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