(Bloomberg) — Days before his inauguration, Donald Trump is shaking up the stock market with comments on everything from defense to renewable energy and even Greenland.

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Shares of companies exposed to wind power, including Orsted A/S, Siemens Energy AG and Vestas Wind Systems A/S, fell more than 6 percent on Wednesday after the U.S. president-elect said he would try that no wind farms are built during its second period. term

Tank and missile makers received a boost after Trump asked NATO members to spend the equivalent of 5 percent of their economic output on defense, more than double the current target. Shares in Norwegian missile maker Kongsberg Gruppen ASA rose as much as 4.1 percent, while Sweden’s Saab AB rose 5.4 percent and Germany’s Rheinmetall AG rose 5.3 percent.

Meanwhile, a CNN report that Trump is considering declaring a national economic emergency to provide a legal basis for universal tariffs dealt a fresh blow to automakers and luxury goods stocks. Stellantis NV, the maker of Fiat and Alfa Romeo cars, fell as much as 3.1 percent, while Louis Vuitton owner LVMH fell as much as 2.2 percent.

European stocks with the most exposure to tariffs have underperformed the market since last year on concerns that any fallout from a potential trade war could hit corporate profits, with a basket of UBS Group AG that follows these names falling around 8%.

Wednesday’s moves are a first taste of the volatility investors can expect from Trump’s tenure. His comments have sparked moves in stocks as far away as Australia, with small-cap miner Energy Transition Minerals, which has a rare earths project in Greenland, surging 52% after Trump reiterated his interest in acquiring the island.

“At this stage, his statements raise questions and create uncertainty about the trade and foreign policy he intends to implement the day after his inauguration on January 20,” a team led by CIC Market economist wrote in a note Solutions Adrien Regnier-Laurent.

–With the help of Paul Jarvis.

(Updates with luxury cars and stocks in the fourth paragraph.)

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