NOTABLE MOVES
USDJPY, -0.06%, $112.99
EURUSD, +0.16%, $1.1403
GBPUSD, +0.78%, $1.2877
USDCAD, -0.30%, $1.3191
S&P500, (Markets closed for Thanksgiving)
Nasdaq, (Markets closed for Thanksgiving)
Nikkei, +0.65%, 21,646.55
CURRENCY MARKET WRAP
- There were no U.S. prints as markets were closed for Thanksgiving. Data was light as well for the G7 with no notable prints on Thursday.
- In ECB Minutes, rate-setters acknowledged the disappointing economic data on Oct 24-25but took the view that the picture was still one of widespread economic growth and accelerating inflation. The central bank kept rates at record lows at the meeting and repeated its intention to stop adding to its 2.6 trillion euros ($2.97 trillion) of bonds at the end of the year in light of higher inflation.
- In Brexit, PM May drafts EU’s declaration on the future bilateral relationship with the UK, in which the Union talks about “a free trade area with deep regulatory and customs cooperation.” Details on how this will done, or when were not in place. Sterling’s bid faded in the 1.2880 price zone. Scottish First Minister Nicola Sturgeon said that the Brexit deal is full of ‘unicorns’ rather than facts, and will damage the local fishing industry. Also, according to people familiar with the matter, Spain will likely vote against the current proposal amid the lack of clarity on Gibraltar. PM May spoke before the UK Parliament once again but failed to convince MPs. The next chapter on the Brexit drama will be written over the weekend.
STOCK MARKET WRAP
- US Markets closed for Thanksgiving.
- Japan’s Nikkei finished up 0.65%, but banks were under pressure, with Mitsubishi UFJ 8306 down -1.43% and Sumitomo Mitsui 8316 down -0.22%. On the positive side, beer maker Sapporo Holdings 2501 popped 7.01%.
- European stocks fell on Thursday, with oil, bank and drug stocks being offered, Euro Stoxx 50 index fell -0.86%.
BLOCKCHAIN & CRYPTOCURRENCY NEWS
Swiss Railway Tests Blockchain Identities for Workplace Safety Boost
Swiss Federal Railways (SBB) has completed a proof-of-concept (PoC) of a blockchain-based credentials management system for workers employed at the company’s construction sites. The solution was developed by a blockchain startup Linum Labs using the open-source technology of uPort, a project started under the patronage of New York-based ethereum design studio ConsenSys. In the proof-of-concept, workers created their digital identities in the uPort app on their mobile devices, and SBB issued them certificates confirming they went through appropriate training. To enter the site, a worker would scan a QR code from the app on his or her cellphone. The app can also connect to identity systems authorized by city administrations, like Zug ID, which also uses uPort’s tech.
Singapore’s State Investment Firm Backed R3 as Part of Blockchain and AI-Focused Strategy
Temasek is a Singapore government-owned investment company, which has reported its Asia-focused portfolio to be worth around S$308 billion ($235 billion) as of spring 2018. The firm has invested in enterprise blockchain software firm and global banking consortium R3. Temasek is responding to a shifting global investment landscape by focusing in on bleeding-edge technologies such as blockchain and artificial intelligence (AI). This strategy entails the creation of “experimental pods,” set up with the express purpose of focusing on investments in blockchain technologies and AI, two areas the company considers to be “long-term” trends set to impact multiple industries globally. Alongside its R3 investment, of which the exact sum is undisclosed, Temasek is further reported to have participated in in a $600 million series C funding round in April for Chinese AI startup SenseTime.
BBVA and Santander Join EU Joint Blockchain Platform Set to Launch in 2019
Banking groups BBVA and Banco Santander have joined the E.U. International Association for Trusted Blockchain Applications (IATBA). The IATBA will launch in the first financial quarter of 2019. The main aim of the association is to develop E.U. blockchain regulation, along with preparing the launch of E.U.-wide blockchain applications. BBVA and Santander are among the first five banks invited to join IATBA. The other members of the association have not yet been disclosed. IATBA is an initiative promoted by the European Blockchain Partnership — a collaboration of 27 E.U. countries, including UK, France, Germany, Sweden, the Netherlands and Ireland. The states cooperate to establish “a European Blockchain Services Infrastructure that will support the delivery of cross-border digital public services, with the highest standards of security and privacy.