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Amid the recent uproar over U.S. President Donald Trump's aim of annexing Greenland, it's easy to lose track of another geopolitical tension that's been raging on the European continent for nearly 4 years: the Russia-Ukraine war.

On Friday, Ukrainian, Russian and U.S. ambassadors will hold trilateral talks in the United Arab Emirates that will last until Saturday.

Notably, Europe won't be involved in the meetings. Ukraine's president, Volodymyr Zelenskyy, on Thursday accused Europe of being "lost" and trying to persuade Trump to help them, rather than uniting for their own defense.

On another front, Denmark on Thursday signaled it was open to talks with the U.S. over its "Golden Dome" missile defense plan, which is part of the "deal" regarding Greenland that U.S. President Donald Trump had announced a day earlier.

But Greenland's Prime Minister Jens-Frederik Nielsen said that he doesn't know what's in the agreement — a response shared by many analysts and political watchers.

Ed Price, senior non-resident fellow at New York University, told CNBC on Thursday that striking a deal "requires two people to tango," describing Trump's speech at the World Economic Forum in Davos, Switzerland, as "a monologue not a dialogue."

Still, Trump walking back on his tariff threats on EU countries and toning down the rhetoric on Greenland has lifted markets globally, reviving talks of TACO — "Trump Always Chickens Out" — trade.

The U.S. president also signed his Gaza "Board of Peace" into being on Thursday — and withdrew his invitation to Canada to join the board, conceived as a means to oversee the reconstruction of Gaza after a two-year war with Israel.

There's a slight dip in the temperature around Greenland, but geopolitical heat persists elsewhere.

— CNBC's Kevin Breuninger, Anniek Bao, Lucy Handley and Hugh Leask contributed to this report.

Trump withdraws 'Board of Peace' invitation to Canada. The move comes after Canadian Prime Minster Mark Carney gave an address in Davos warning against economic coercion by the world's superpowers. Carney said last week he intended to join the board.

TikTok forms U.S. joint venture. This means the video-sharing app will be allowed to continue operating in the U.S. The new venture, which will run as an "independent entity," will be headed by Adam Presser, who has been serving as TikTok's head of operations and trust and safety. 

The Bank of Japan raises economic forecast. Economic expansion in the fiscal year ending March 2026 is expected to hit 0.9%, up from the 0.7% estimated in October. The BOJ also held interest rates steady. Meanwhile, inflation in December cooled, and Prime Minister Sanae Takaichi dissolved parliament on Friday.

U.S. stocks extend gains. On Thursday, leading U.S. indexes climbed for a second day after Trump called off Europe tariffs. Asia-Pacific markets rose Friday, but tech stocks, such as SoftBank Group and Lasertec, fell after Intel shares plunged in extended trading.

[PRO] Stocks that look poised to surge. CNBC Pro screened for names that have been upgraded to buy or overweight by at least three more analysts since the end of last year. A major trading platform and Wall Street bank showed up on the list.

Nvidia’s Huang to visit China as AI chip sales stall

Nvidia CEO Jensen Huang plans to visit China in the coming days ahead of the mid-February Lunar New Year, two people familiar with the matter told CNBC. Huang is expected to attend an Nvidia company party in Beijing on Monday, said one of the sources, who requested anonymity to speak about the trip.

The trip comes as questions persist over the U.S. chip giant's ability to sell in the Chinese market, which once accounted for at least one-fifth of revenue from Nvidia's data center business.

— Evelyn Cheng