euro

According to Caixin, the European Commission preliminarily determined on November 6 local time that TikTok's recommendation mechanism has a "rabbit hole effect," making it increasingly difficult for users to disengage, which violates the Digital Services Act (DSA). Furthermore, TikTok's existing mitigation measures are deemed ineffective. The EU believes TikTok should adjust its "For You" algorithm to include more content based on users' explicitly expressed preferences, eliminate viewing duration as a recommendation metric, and enhance the usability of user control features.If confirmed as a violation, TikTok could face fines of up to 6% of its global annual revenue. TikTok denies the allegations, stating that the EU's claims are fundamentally untrue. This conclusion is a preliminary determination and not a final penalty decision, and TikTok has the right to defend itself.

According to Bloomberg, protests against the expansion of data centers continued in multiple locations across Europe on November 7. RTE reported that around 2,000 people participated in a march in Dublin; YLE stated that about 1,300 people gathered in Helsinki, with protests also occurring in several small towns in Finland. Demonstrators in Helsinki marched to Google's office and the location of the parliament. The Stop Dirty Data Centres alliance, composed of local democracy and climate action groups, stated that the action aims to prevent the unchecked expansion of AI data centers.Groups from Scotland, Spain, France, and Denmark participated in the action, calling for a halt to construction until the public can determine through democratic processes how related projects should serve society and the environment. Previously on Friday, hundreds of protesters clashed with police at a Microsoft data center in Amsterdam, resulting in one arrest. As technology companies invest hundreds of billions of dollars in building AI infrastructure, community residents' concerns about land and electricity demands, rising energy costs, and whether the local area can gain economic benefits have intensified. Ireland has become one of Europe's major data center hubs, with official statistics showing that data centers will account for 23% of the country's total electricity consumption by 2025.Finland is also facing large-scale construction. Google announced in September an investment of 13 billion euros, approximately 14.5 billion dollars, to expand existing data centers and build two new facilities, marking its largest investment in Europe to date. According to the Finnish Industrial Federation, data center projects in various stages of planning and construction in Finland are valued at around 80 billion euros. Reports indicate that representatives from Google cleared forest land, stripped topsoil, and built roads before the environmental impact assessment for one project was completed, causing dissatisfaction among local residents. The company responsible for the construction of the project is facing a criminal investigation, and the Finnish government is also advancing legislation to constrain AI expansion. The opposition in Europe echoes recent situations in the United States, where the expansion of data centers has become a significant issue in this week's midterm elections, with some state voters electing local officials who promised to stop or pause related construction.

The European Commission decided to establish a dedicated sanctions office during the tenth high-level sanctions measures meeting of the European Union, and to form a cryptocurrency working group within the office, responsible for addressing Russia's use of digital assets to evade sanctions. The working group is expected to operate for 12 months, with support from Ukraine and the United Kingdom.The sanctions office will coordinate member states' implementation of sanctions measures, covering policy design, implementation, enforcement support, and anti-avoidance work. The working group will focus on relevant networks, including the A7A5 digital ruble stablecoin; this stablecoin previously had a trading volume exceeding 100 billion dollars.

According to Gate market data, on November 6, the German DAX30 index closed down 540.55 points, a decrease of 2.05%, at 25,789.5 points. The UK FTSE 100 index fell by 109.28 points, a decrease of 1.01%, at 10,673.38 points. The French CAC40 index dropped by 66.37 points, a decrease of 0.81%, at 8,139 points.

The highest banking regulatory authority in the Eurozone, the European Central Bank, is considering a special review of loans related to data centers to assess the potential risks posed by fluctuations in market sentiment and valuations in the artificial intelligence sector. Sources revealed to Bloomberg that senior officials at the European Central Bank have proposed this review idea in discussions both internally and with the banks under its supervision.As market concerns about rising interest rates and increasing opposition to data center construction grow, there may be pressure on the rapidly expanding data center loan sector, prompting global regulators to strengthen their scrutiny of banks' risks related to artificial intelligence. One source indicated that this review may take the form of on-site inspections, focusing on how banks assess future cash flows and collateral values, as well as how they provision for potential defaults.Another source emphasized that the scope of this investigation will not be as extensive as the review conducted by the European Central Bank several years ago regarding leveraged financing, which had previously caused tensions between regulators and banks. Currently, the European Central Bank has not yet determined the specific review approach for data centers and the broader risks associated with artificial intelligence.

CNBC cited four informed sources reporting that the Chinese artificial intelligence startup Dark Side of the Moon had discussions this year with several emerging cloud service providers operating data centers in Europe, seeking to rent computing power provided by NVIDIA GPUs. Three of the sources stated that Dark Side of the Moon primarily sought to rent NVIDIA's latest Blackwell series chips; one source indicated that the two parties had discussed renting a computing cluster deployed in Europe, consisting of 8,000 or more Blackwell chips.The sources said that Dark Side of the Moon mainly hopes to utilize these chips for AI model inference while also intending to acquire model training computing power. The United States currently prohibits the export of NVIDIA's most advanced AI chips to China, but existing laws have not granted regulatory agencies broad authority to restrict Chinese companies from remotely using these chips through overseas cloud services. Some cloud service providers and financing institutions, concerned about the U.S. tightening remote usage restrictions, have sought to charge higher advance payments, with proposals requiring Dark Side of the Moon to pay advance payments 30% to 50% higher than those of non-Chinese clients. Dark Side of the Moon was established in 2023 and owns the Kimi series models.

European Central Bank (ECB) Executive Board member Piero Cipollone stated that the digital euro pilot program will launch in the second half of 2027 and will last for 12 months, with 36 service providers participating. The pilot will test the technology and coordinate collaboration among service providers, merchants, central banks, infrastructure operators, and users.Legislative negotiations related to the digital euro are ongoing between the European Parliament, the Council of the European Union, and the European Commission, and are expected to conclude within the year. If negotiations proceed smoothly, the European Central Bank aims to issue the digital euro by 2029.

Indosuez Wealth Management believes that the market's current pricing of the Federal Reserve and European Central Bank's interest rate paths is still significantly more hawkish than the institution's baseline scenario. The institution's strategists Lucas Merrick and portfolio manager Alexander Bell expect that economic growth will remain stable, and inflation will gradually normalize, which will limit the central banks' room for further tightening of monetary policy.The two stated, "However, it may take some time to accumulate enough moderate core inflation and economic growth data to make this scenario a reality. In the meantime, the bond market will remain volatile." The money market currently expects that the Federal Reserve will raise interest rates by about 1.5 times in the next 12 months, while the European Central Bank will raise rates twice.

Eastern Alliance collaborates with CACEIS to issue tokenized shares of the STOXX Europe 600 stock index fund on Ethereum, and the fund can still be purchased through traditional channels.

According to Gate market data, on November 4, the German DAX30 index closed up 608.21 points, an increase of 2.35%, at 26,509.12 points; the UK FTSE 100 index rose 194.55 points, an increase of 1.83%, at 10,832.98 points; the French CAC40 index increased by 157.58 points, an increase of 1.96%, at 8,177.89 points; the Euro Stoxx 50 index rose 142.49 points, an increase of 2.32%, at 6,287.05 points; the Spanish IBEX35 index increased by 584.8 points, an increase of 3.11%, at 19,392 points; the Italian FTSE MIB index rose 1,131.67 points, an increase of 2.27%, at 51,073.5 points.

According to Cointelegraph, the French National Assembly passed Amendment I-2701 with 150 votes in favor, 44 against, and 8 abstentions, requiring taxpayers to report self-custodied crypto assets totaling no less than 100,000 euros (approximately 112,000 USD) to the tax authorities, with the reporting threshold calculated based on the holdings as of December 31 of the relevant tax year.In the same session, the National Assembly rejected another amendment with 69 votes against and 14 in favor, which originally aimed to exempt from tax the income from crypto payments for goods and services not exceeding 1,000 euros (approximately 1,120 USD) within the tax year. The aforementioned reporting requirement has been included in the 2027 Finance Bill and must be retained in the final legislation to take effect. The National Assembly is required to complete the first reading of the bill by November 17, and the Senate is scheduled to begin discussions on November 20.The National Assembly also postponed the vote on the revenue portion of the budget for the second time, which was originally scheduled for October 20. Faustine Fleuret, the global public affairs head of the lending protocol Morpho, stated that the revenue portion "is likely to be rejected," which could lead to the entire bill being rejected in the National Assembly, including the provisions incorporated through the passed amendments.Previously, the assembly rejected two proposals to impose an exit tax on unrealized crypto gains for taxpayers moving abroad and passed an amendment on October 16 to tax the income from converting crypto assets into stablecoins classified as electronic money tokens under EU rules.

Meta Platforms (META.O) plans to raise up to 9 billion euros through its first euro bond issuance.

Eurozone October Harmonized CPI Year-on-Year - Unadjusted Initial Value 4%, Expected 4%, Previous Value 3.8%

Eurozone October Core Harmonized CPI Year-on-Year - Unadjusted Initial Value 2.2%, Expected 2.2%, Previous Value 2.2%

Meta Platforms (META.O) launches a six-part inaugural euro bond issuance.

Meta Platforms issued dollar bonds for the first time in six months, planning to issue at least $20 billion in debt in the U.S. and European markets. This bond issuance is divided into five parts, with maturities ranging from 5 years to 30 years, and the preliminary pricing guidance for the longest maturity bonds is about 2.5 percentage points higher than U.S. Treasury yields. Citigroup and Morgan Stanley are responsible for underwriting.

According to Cointelegraph, Kraken has restricted accounts related to a suspected theft of over $133 million in cryptocurrency assets involving an unnamed institution in Europe, and is cooperating with law enforcement to recover the funds. Kraken stated that this incident did not originate from its platform, its security systems were not breached, and customer accounts were not compromised.Previously, on-chain investigator ZachXBT discovered that the suspected stolen amount increased by an additional $27 million from the previously disclosed $106 million. Bitquery data shows that approximately $62.98 million in stablecoins was exchanged for 27,553 ETH within about 4 hours. Kraken, Crypto.com, and OKX have all been reported to be involved in the related fund flows, with Crypto.com taking measures to prevent the related funds from being transferred through its platform, while OKX stated that it is investigating.As of the reporting time, approximately $78.3 million remains in wallets associated with the attackers, while about $30.5 million has been transferred out. The identity of the victims and ZachXBT's speculation about a large financial institution in Western Europe being attacked and attempting to cover up the incident have not been confirmed.

Meta Platforms (META.O) held a conference call to discuss the issuance of U.S. dollar and euro bonds in batches.

According to PR Newswire, global AI solutions company RWS announced that it has officially completed the acquisition of Acolad's parent company Acogroup after completing the relevant labor negotiations and obtaining all regulatory approvals, with the transaction amount undisclosed.This acquisition will further expand RWS's business layout in the European and North American markets. Acolad customers will gain access to AI technologies and platform support from RWS, including Language Weaver Pro, Trados, and Cultural Intelligence Layer, enhancing the intelligence of enterprise content processing, translation, and localization workflows. The two parties will also integrate professional capabilities in regulated industries such as interpretation, transcription, data services, and life sciences.

August Hyldgaard of Danske Bank stated that the recent general weakness of the euro may continue after Fitch Ratings adjusted France's credit rating outlook to negative. This adjustment was not part of the regular rating schedule, and French government bonds will face pressure this morning. Fitch pointed out that weak economic growth, rising borrowing costs, and an expanding fiscal deficit are the reasons for the adjustment.