Forex

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Eight West African countries have agreed to sever a common currency from France. The countries have agreed to change the exisating bloc currency to Eco from CFA Franc and sever currency ties to its old colonial master.

Rating agency Fitch affirmed UK at 'AA' and removed them from Rating Watch Negative (RWN). The Outlook is Negative. Forecast highly likely UK leaves EU with an agreement on Jan 31 2020. Uncertainty regarding future of UK and EU relations for some time.

China is likely to list at least 10 out of 30 institutions as domestic systemically important banks (D-SIBs) Fitch ratings estimates and based on the regulator's draft consultations and could influence views over systemic importance for some banks.

Fitch issued a note on Uruguay after the narrow victory of Luis Lacalle Pou of the center-right National Party after 15 years of rule by the center-left Frente Amplio. Pou faces the challenge of reducing a large fiscal deficit in the face of low growth.

Fitch Ratings is out with a note lowering its outlook on Japanese insurers. They lowered their rating to stable from positive. See biggest risks for Japanese insurers will continue to stem from financial markets in 2020.

The October trade balance shows a much smaller surplus than expected with exports falling more than expected as did imports. Another example of the global trade situation hurting with the ongoing trade wars and macroeconomic deteoriation around the world. Exports to US down 11.4% y/y

Chinese firm Canaan Inc., a maker of Bitcoin mining machines continues to face headwinds for it's New York IPO. Already slashed from expectations of $400 million to $100 million it lost it's lead underwriter Credit Suisse.

SNB Governing Board Member Andrea Maechler said on Thursday the Swiss central bank is willing to intervene in FX market as necessary. The Swiss franc has been rallying against the euro on safe-haven concerns.

Spain is holding it's fourth parliamentary election in four years and two in six month in an attempt to break a political stalemate. However Spanish voters are likely to return an an even more fragmented parliament.

The Premiere of Ontario wasn't seen on the campaign trail during Canada's Federal election that seen Justin Trudeau re-elected.

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