Market Overview - US markets are facing a futures trading outage due to a cooling issue at CME Group, impacting equities, treasuries, and commodities trading [2][4] - November has been a volatile month for equities, with significant moves in European tech, healthcare, and defense sectors, as fears of an AI bubble have emerged [5][6] - The European stock market managed to achieve gains in November, marking the fifth consecutive positive month for the stock 600 index [6] Sector Performance - The healthcare sector performed best in November, with notable gains from companies like Roche and Bayer, driven by strong trial data [6][7] - Roche's stock rose nearly 20% after a successful breast cancer drug trial, while Bayer had its best day since 2009 due to an anticoagulant drug study [7] - Conversely, tech stocks faced declines, with ASML down over 15% amid a broader selloff in AI-related stocks [8] AI and Investment Outlook - AI is expected to remain a structural growth theme through 2026, although concerns about overinvestment and electricity shortages could temper expectations [10][15] - Investment in data centers and the entire AI value chain is crucial, with approximately 35% of S&P 500 earnings being allocated to this area [14] - The market is anticipated to experience volatility in AI trends, but setbacks may present buying opportunities [15] Economic and Fiscal Policy - The US economy is projected to benefit from fiscal policies and central bank rate cuts, which are generally positive for market conditions [18][22] - Germany's growth forecast for 2026 is estimated at 1.3% to 1.5%, with expectations of improved market sentiment if fiscal policies are effectively implemented [27][30] Emerging Markets - The Indian stock market is showing strong growth potential, while China's growth is cooling but remains above 4% [43] - Asia is expected to attract substantial investment, with potential for better performance than Europe and the US in the coming year [45] Gold Market - Gold prices are forecasted to rise to $4,500, driven by demand from central banks and retail investors, as well as concerns over currency diversification [40][41]

Core Points - CME's commodity futures and options trading was suspended due to cooling issues at the CyrusOne data center [1] - The suspension affected various futures contracts including crude oil, palm oil, and gold [1] - CyrusOne operates 35 data centers globally, with locations in the US, UK, Germany, Singapore, and the Netherlands [1] Group 1 - CME announced the trading suspension at 20:40 Central Time due to "technical reasons" related to the cooling system [1] - The support team is working to resolve the issue and will provide updates on trading details [1] - The last update for affected contracts was at 10:48 AM Beijing time, with no further updates available at the time of reporting [1] Group 2 - The cooling system failure at CyrusOne is a critical issue impacting trading operations [1] - The company is a well-known data center provider headquartered in Dallas, Texas [1] - The incident highlights the reliance of financial markets on data center infrastructure for trading activities [1]

据报道，芝商所驻新加坡发言人透露，"由于CyrusOne数据中心的冷却系统出现问题，我们的市场目前 处于暂停状态。" 该发言人在一封电子邮件声明中表示，"技术支持团队正在努力在短期内解决该问题，并将在第一时间 通知客户有关盘前交易的详细信息。" 此次故障波及范围广泛，包括美国原油和棕榈油在内的各类合约，其中WTI原油合约的最近一笔交易定 格在新加坡时间周五上午10点47分。 "市场流动性本来就很稀缺，所以哪怕是短暂的停摆，也可能导致国债、外汇和大宗商品的价格发现机 制失真，"新加坡盛宝金融（Saxo Markets）首席投资策略师Charu Chanana表示。"主要的风险在于恢复 交易后可能出现爆发性的剧烈波动。" （文章来源：第一财经） ...

Core Viewpoint - The CME Group's futures and options trading was halted due to a technical failure at the CyrusOne data center, impacting various contracts including WTI crude oil and U.S. Treasury futures [2] Group 1: Technical Issues - The cooling system failure at the CyrusOne data center led to a suspension of trading activities [2] - The technical support team is working to resolve the issue and will update clients on pre-market trading details [2] Group 2: Market Impact - The trading halt affected a wide range of contracts, including U.S. crude oil, gasoline, and palm oil [2] - The last trade for WTI crude oil was recorded at 10:47 AM Beijing time on Friday [2] - Other platforms, such as EBS for forex trading, were also impacted by the suspension [2] Group 3: Market Reactions - Market liquidity was already scarce, and the temporary halt could distort price discovery mechanisms in the Treasury, forex, and commodity markets [2] - There is a significant risk of explosive volatility once trading resumes [2] Group 4: Related Exchanges - The Malaysian exchange reported that all its derivatives products were affected and is collaborating with CME Group to restore services [2] - The benchmark palm oil contract rose by 0.54% to 4,112 ringgit (approximately $995.88) during the trading suspension [2] Group 5: CME Group Overview - CME Group is one of the largest derivatives exchanges globally, covering a wide range of assets from stocks and bonds to currencies and commodities [3] - Key exchanges operated by CME include the Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), and New York Commodity Exchange (COMEX) [3]

What do we know that has caused this outage and what is the impact been so far. I think a couple of points to bear in mind as we look at some of the disarray this morning. A lot of brokers and traders coming in struggling to make sense of what's missing in the market.For one, it speaks to the dominance of the CME platform. You can see the wide range of assets that are affected here from U.S. government bonds to commodities to equities. It has happened before.I think thinking back to 2019, we had a couple of ...

Group 1 - CME Group is one of the most important financial derivatives markets globally, covering various sectors including agricultural products, energy, stock indices, foreign exchange, interest rates, and metals [1] - Trading was forced to pause due to cooling issues at a data center operated by CyrusOne, which provides services to CME Group [1] - As of the time of reporting, CME Group had not provided any updates regarding its operational status [2]

包括美国原油、汽油以及通过芝加哥商品交易所电子平台交易的马来西亚交易所棕榈油在内的合约，在 美国感恩节假期后的周五亚洲早盘交易中受到影响。交易员表示，美国国债和标普500指数期货合约也 受到了影响。包括外汇交易中使用的EBS平台在内的其他平台也受到了此次暂停的影响。 芝加哥商品交易所(CME.US)驻新加坡的一位发言人表示，由于其数据中心出现技术问题，芝加哥商品 交易所周五暂停了期货和期权交易。该发言人通过电子邮件声明称："由于CyrusOne数据中心出现冷却 问题，我们的市场目前暂停交易。支持团队正在努力尽快解决该问题，并会在预开盘详情确定后立即通 知客户。" 盛宝银行驻新加坡首席投资策略师Charu Chanana表示："流动性本就稀薄，因此哪怕是短暂的停摆也会 扭曲美国国债、外汇和大宗商品的价格发现机制。主要风险在于会出现一轮追赶式的波动。" 芝加哥商品交易所集团是全球最大的衍生品交易所之一，涵盖股票、债券、货币和大宗商品等多种资产 类别。该集团所运营的核心交易所包括芝加哥期货交易所、纽约商品交易所和纽约商业交易所。此外， 该集团还持有其他交易所的股份，其中包括海湾商品交易所。 ...

Black Friday trading was off to an auspicious start after exchange operator CME was forced to halt futures trading on Friday. ...

The floor of the Chicago Mercantile Exchange (CME)/New York Mercantile Exchange (Nymex) in New York City. CME Group is the world's largest and most diverse derivatives exchange.Trading came to a standstill on the Chicago Mercantile Exchange on Friday following a cooling issue at one of its data centers. "Due to a cooling issue at CyrusOne data centers, our markets are currently halted," the CME said in a statement in the early hours of Friday. "Support is working to resolve the issue in the near term and wi ...

11月28日（周五）上午，芝商所官网发布多份通知表示，因CYRUSONE数据中心出现冷却问题， CME的商品期货和期权交易在暂停交易。 编辑 ｜瑜见 目前，包括原油、棕榈油、黄金等在内的诸多期货合约受到影响。在国内多个期货交易软件界面上，上 述多个合约的最后更新交易时间为北京时间上午10时48分。截至记者发稿，并没有得到更新和解决。 CyrusOne是一家总部位于美国得克萨斯州达拉斯的知名数据中心提供商，其在全球范围内拥有35个数 据中心。除了在美国的数据中心外，CyrusOne还在英国、德国、新加坡和荷兰等国家和地区设有数据 中心。 来源｜券商中国 芝商所官方网站，在北美中部时间20:40分（北京时间10时40分）开始陆续发出多份通知，指出芝商 所Globex期货与期权市场、EBS市场、BMD棕榈油期货等大宗商品衍生品等交易暂停，理由是"技术 原因"，预计该问题将在短期内得到解决。 芝商所 驻新加坡发言人在一封电子邮件声明中表示："由于CyrusOne数据中心的冷却系统出现问题， 我们的市场目前暂停交易。支持团队正在努力尽快解决问题，并将尽快向客户公布开盘前交易详情。" ...