

Toby Nangle
Financial Times journalist specialising in markets and data analysis, here discussing European holdings of US financial assets and their geopolitical implications.
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Jan 31, 2026 • 9min
Could Europe use its financial muscle to strong-arm the US?
Toby Nangle, Financial Times markets and data journalist, breaks down Europe’s holdings of US shares and bonds. He explains the headline $12.6 trillion number, how custodial holdings differ from European ownership, and what portion is US government debt. Then he explores whether selling assets could sway US policy and why such moves could hurt both sides.


