• USDA report paints a gloomy picture for grain market

  • Trump’s Brexit comments sink GBP

  • JPMorgan and Citigroup among companies reporting earnings today

After higher opening major European stock indices struggled for direction. Majority of the benchmarks keep trading higher against yesterday’s closing prices yet they are mostly flat against today’s opening. Weakness can be seen among Polish and Spanish shares as WIG20 (W20) and IBEX (SPA35) are the only blue chip indices from the Old Continent to be in red. As USD is the best performing currency from the G10 basket today precious metals take a step back. GBP is among the biggest laggards on the back of Donald Trump comments concerning soft Brexit. While the economic calendar may seem empty one needs to remember that the US earnings season kicks off today.

American Express, a credit card colossus, keeps an eye on blockchain. Company considers using this system in a proof-of-payment technology. This is not first time when a gigantic company comes up with such an idea related to a blockchain technology. Nevertheless, the move undertaken by the company confirms previous statements released earlier in connection with blockchain.

The US Department of Agriculture sent a really gloomy message for soybean investors when it decided to slash its exports estimation for the upcoming 2018/2019 season. Even as soybean prices did not fell on Thursday immediately after the release, mainly due to a surge in corn prices, more falls seem to be only a matter of time given the grim outlook for this grain.

Bruno Le Maire, the French finance minister, addressed the US trade practices during an interview with Le Figaro yesterday. Le Maire stated that the EU will have to act in case the United States continue to escalate Trade War. The French politician said that “as long as the Americans maintain unfair, unilateral measures that are contrary to the law, we will not negotiate”.

On the currency front the British pound might be identified as the worst performing major currency in the morning which stems mainly from subsequent Brexit-related affairs. Namely, Donald Trump said during his visit in the UK that a soft Brexit, being under considerations of PM Theresa May, is likely to end hopes of a trade deal with the United States.