Market Overview - US stock index futures are all up, with Dow futures rising by 0.11%, S&P futures by 0.1%, and Nasdaq futures by 0.18% as of the report [1] - Major European stock indices are also up, with the Euro Stoxx 50 rising by 0.1%, FTSE 100 by 0.18%, CAC 40 by 0.23%, and DAX 30 by 0.19% [1] - WTI crude oil increased by 0.73% to $59.08 per barrel, while Brent crude oil decreased by 0.1% to $62.81 per barrel [1] Market Events - CME suspended futures and options trading due to cooling issues at its data center, affecting multiple commodities, with analysts expecting significant price volatility upon resumption [1] - Spot gold prices experienced high volatility, with the bid-ask spread exceeding $20 at one point, dropping to $4154 per ounce before recovering to $4163.58 per ounce [1] - Trump proposed using tariff revenues to significantly reduce income taxes for low- and middle-income earners, indicating potential disruptive changes to US federal tax policy [1] - The China Smelters Purchase Team (CSPT) reached a consensus to reduce copper concentrate production capacity by over 10% for the 2026 fiscal year to combat unreasonable pricing and malicious competition [1] - Russia has received details of a peace plan agreed upon by the US and Ukraine, which will be discussed next week [1] Company News - The European Commission received notification from Apple that its advertising and mapping services meet the thresholds of the Digital Markets Act (DMA), with a decision expected within 45 working days [1] - Nanwei Semiconductor (NVTS.US) signed a strategic distribution agreement with WT Microelectronics to integrate their distribution networks in Asia, accelerating the transition to high-power markets such as AI and energy [1] Economic Data - Germany's seasonally adjusted unemployment rate for November remained at 6.3%, with a slight increase in seasonally adjusted unemployment by 0.1 thousand, lower than the expected 0.5 thousand [1] - France's GDP for Q3 grew by 0.9% year-on-year, in line with expectations, and increased by 0.5% quarter-on-quarter [1]

Core Viewpoint - CME Group experienced a platform-wide trading halt due to a cooling failure at a third-party data center, impacting key commodity prices like gold, silver, and copper, which entered a "stagnation" phase for over 8 hours [3][4]. Group 1: Incident Details - The trading halt was triggered by a cooling issue at CyrusOne data center, preventing global traders from operating through the Globex system, leading to significant risks for institutions relying on this platform for hedging and speculation [4]. - The immediate consequence of the outage was a sudden disappearance of liquidity in the futures market, with OTC spreads widening significantly [4]. Group 2: Market Reactions - Tim Waterer, Chief Market Analyst at KCM Trade, noted that a significant portion of the gold price increase was due to investors positioning for an anticipated low interest rate environment, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [5]. - The system failure not only affected commodities but also impacted forex, U.S. Treasury, and stock index futures, with the EBS forex platform also pausing trading [6]. Group 3: Economic Context - The macroeconomic environment is supporting precious metal prices, as the dollar is experiencing its worst week since late July, enhancing the appeal of dollar-denominated assets like gold [6]. - Market participants are limited to off-market operations until trading resumes, creating a disjointed state that may increase price volatility risks [6].

Market Overview - US stock index futures are all up, with Dow futures rising by 0.11%, S&P futures by 0.1%, and Nasdaq futures by 0.18% [1] - Major European stock indices are also up, with the Euro Stoxx 50 rising by 0.1%, FTSE 100 by 0.18%, CAC 40 by 0.23%, and DAX 30 by 0.19% [1] - WTI crude oil is up by 0.73%, priced at $59.08 per barrel, while Brent crude oil is down by 0.1%, priced at $62.81 per barrel [1] Market Events - CME suspended futures and options trading due to cooling issues at its data center, affecting multiple commodities, with analysts expecting significant price volatility upon resumption [1] - Spot gold prices experienced high volatility, with the bid-ask spread exceeding $20, dropping to $4154 per ounce before recovering to $4163.58 per ounce [1] - Trump proposed using tariff revenues to significantly reduce income taxes for low- and middle-income earners, indicating potential disruptive changes to US federal tax policy [1] - The China Smelters Purchase Team (CSPT) reached a consensus to reduce copper concentrate production capacity by over 10% for the 2026 fiscal year to combat unreasonable pricing and malicious competition [1] - Russia has received details of a peace plan agreed upon by the US and Ukraine, which will be discussed next week [1] Company News - The European Commission has received notification from Apple that its advertising and mapping services meet the thresholds of the Digital Markets Act (DMA), with a decision expected within 45 working days [1] - Nanwei Semiconductor (NVTS.US) signed a strategic distribution agreement with WT Microelectronics to integrate their distribution networks in Asia, accelerating the transition to high-power markets such as AI and energy [1] Economic Data - Germany's seasonally adjusted unemployment rate for November is 6.3%, in line with expectations and previous values, with a slight increase in seasonally adjusted unemployment by 0.1 thousand, lower than the expected 0.5 thousand [1] - France's GDP for Q3 grew by 0.9% year-on-year, matching expectations, and increased by 0.5% quarter-on-quarter [1]

Core Viewpoint - The Chicago Mercantile Exchange (CME) experienced a significant system outage that halted trading across various markets, affecting contracts worth trillions of dollars, highlighting its critical role in global financial infrastructure [1][2]. Group 1: Incident Overview - The CME's trading of futures and options was completely suspended due to a data center failure, impacting a wide range of assets including S&P 500 futures, foreign exchange, U.S. Treasury bonds, and various commodities [1]. - The outage occurred on a day when trading was already expected to be light due to the Thanksgiving holiday, exacerbating the situation for traders who rely on CME for liquidity [4]. Group 2: Market Reactions - Traders expressed frustration over the inability to execute trades, with some seeking alternative channels to maintain operations, although liquidity was significantly lower than that provided by CME [1][4]. - The incident has raised concerns about the reliability of exchanges and data center operators, as similar outages have occurred at other exchanges in recent years, indicating a growing risk in the global pricing system [2]. Group 3: Impact on Trading Activities - The outage coincided with the monthly expiration of gasoline and diesel futures, which could involve physical delivery, complicating the situation for oil brokers [3]. - Cash bond trading was intermittently affected, leading to reduced hedging capabilities for traders, although some alternative hedging tools saw increased activity in the London market [4]. Group 4: Broader Implications - The freezing of trades worth trillions of dollars during a critical year-end period poses significant risks for mutual funds and other market participants [4]. - Investors, already cautious due to low liquidity, opted to stay on the sidelines amid the system disruption, further highlighting the vulnerability of trading operations during such outages [4].

Core Insights - CME Group experienced a system outage due to a cooling issue at the CyrusOne data center, leading to a halt in trading across its platforms, affecting key commodities like gold, silver, and copper [1][2] - Prior to the outage, COMEX silver futures reached a historic high of $54.6 per ounce, while COMEX gold futures surged to $4227 per ounce [1] - The outage resulted in a significant loss of liquidity in the futures market, with OTC spreads widening as traders were unable to execute trades [2] Group 1 - The outage affected not only commodities but also forex, U.S. Treasury, and stock index futures, with CME's EBS platform also pausing trading [2] - Market analysts noted that the anticipated low interest rate environment was driving gold prices higher, with an 85% probability of a Fed rate cut in December according to CME's FedWatch tool [2] - The macroeconomic environment, including a weak dollar, has been supporting precious metal prices, enhancing the appeal of dollar-denominated assets like gold [2] Group 2 - CME Group's technical support team is working to resolve the issue and will notify clients about the trading resumption details as soon as possible [1] - The outage has created a situation where market participants can only engage in limited operations in the OTC market, increasing the risk of price volatility [2]

1. 11月28日(周五)美股盘前，由于 CyrusOne 数据中心出现冷却问题，芝加哥商品交易所集团 ( CME ) 暂停交易，导致股指期货周 五继续停牌。然而，追踪主要股票指数的 ETF 在盘前交易中上涨：SPY +0.26%，QQQ +0.42%，DIA +0.11%。 2. 截至发稿，德国DAX指数跌0.03%，英国富时100指数涨0.11%，法国CAC40指数涨0.10%，欧洲斯托克50指数跌0.02%。 | 德國DAX30 | 23,770.64 | 23,782.08 | 23,718.00 | -7.15 | -0.03% | | --- | --- | --- | --- | --- | --- | | * 英國富時100 | 9,704.30 | 9.719.41 | 9,697.21 | +10.37 | +0.11% | | 法國CAC40 | 8,107.72 | 8,115.16 | 8,084.23 | +8.25 | +0.10% | | ਂ 歐洲斯托克50 | 5,651.85 | 5,656.55 | 5,640.75 | -1.32 | -0.02% | 市场消息 芝商所 ...

1. 能源与燃料：交易暂停影响了能源市场，冻结了包括WTI原油、Henry Hub天然气、RBOB汽油和NY Harbor ULSD取暖油等主要指标的期货和期权交易。 2. 软硬农产品：交易的暂停暂时中断了农产品市场 的价格发现和对冲，而这正是CME核心业务的重要组成部分。上市的合约包括但不限于——谷物及油 籽： 玉米、小麦、大豆、豆粕、豆油；软商品：棉花、木材；牲畜： 活牛、饲养牛、瘦肉猪；乳制 品：第三类牛奶和其他乳制品。 3. 金属产品：芝商所的金属业务涵盖贵金属（如金、银、铂金、钯金 等）和包括铜等在内的贱金属或黑色金属。 4. 股票指数：芝商所上市了与主要基准股指挂钩的股指期 货和期权，包括标准普尔500指数、纳斯达克100指数、道琼斯指数和罗素2000指数，以及日经225指数 等国际指数。 5. 利率、固定收益及外汇：芝商所利率产品涵盖美元收益率曲线，包括美国有担保隔夜 融资利率（SOFR）、联邦基金利率、美国国债收益率和其他短期利率的指标期货和期权。其外汇产品 则提供主要和新兴市场货币对的上市期货和期权，并通过EBS平台进行现金外汇交易，这是现货和其他 现金外汇产品的主要交易场所。 6. 加密货 ...

We continue to follow the outage at the CME that has halted trading in stock index futures and other contracts. That was caused by a cooling issue at the CME's data center. However, services are gradually being restored and treasuries.Commodities and metals are said to be trading normally at this point. You can kind of see the moves in the pound, the dollar, the euro. Stock index futures are still halted though.We will keep you updated on when those might be restored, but again, it's been hours at this poin ...

Group 1: Market Overview - CME Group suspended trading due to cooling issues at CyrusOne data center, affecting stock index futures [1] - Major ETFs showed pre-market gains: SPY +0.26%, QQQ +0.42%, DIA +0.11% [1] - European indices showed mixed performance: DAX down 0.03%, FTSE 100 up 0.11%, CAC 40 up 0.10%, Euro Stoxx 50 down 0.02% [2][3] Group 2: Retail Sector Insights - Black Friday marks the start of the holiday shopping season, with NRF predicting 186.9 million shoppers, a record high [4] - Expected sales for November and December to exceed $1 trillion, but growth forecasted to slow to 3.7%-4.2% from last year's 4.8% [4] - Average consumer spending projected at $890.49 [4] Group 3: Employment and Economic Policies - Trump announced strict immigration policies, potentially tightening labor market supply amid weak non-farm employment data [5] - Goldman Sachs warned of a softening labor market, with WARN claims at the highest level since 2016, indicating rising layoffs in various sectors [6] Group 4: Cryptocurrency Market Dynamics - Recent volatility in the cryptocurrency market has negatively impacted publicly traded companies holding Bitcoin, leading to significant stock price declines [7] - At least 15 Bitcoin treasury companies have seen their stock prices fall below net asset value of their tokens [7] - Standard Chartered predicts accelerated consolidation in the digital asset treasury sector [7] Group 5: Corporate Developments - Jefferies Group under investigation by SEC regarding disclosures related to bankrupt First Brands [9] - Bawang Tea reported Q3 results with global GMV of 7.93 billion yuan, net income of 3.208 billion yuan, and a 75.3% increase in overseas GMV [10] - Apple faces potential scrutiny under EU's Digital Markets Act for its advertising and mapping services [11] Group 6: Investment Trends - Bridgewater's recent investment in CoreWeave raises interest despite warnings of an AI bubble [12] - OpenAI is in talks for a $38 billion loan to expand infrastructure, highlighting the competitive landscape in AI [11]

Group 1 - Chicago Mercantile Exchange experienced a trading halt due to a data center failure, disrupting various markets including stocks, forex, bonds, and commodities, causing widespread dissatisfaction among market participants [1] - Chinese concept stocks saw a pre-market rally, with Pinduoduo up 0.69%, JD.com up 1.29%, NIO up 1.46%, and Xpeng up 1.32% [1] - Technology stocks mostly rose in pre-market trading, with Micron Technology up 2%, Qualcomm up over 1%, and Google A up over 1% [1] Group 2 - Oracle is in talks with multiple banks for a new loan of up to $38 billion, aimed at expanding infrastructure for OpenAI, while Oracle's stock fell by 1.64% [1] - Apple has filed a lawsuit in the Delhi High Court against a potential $38 billion fine from India's antitrust agency, which is investigating complaints of "abuse" related to high commissions for in-app purchases, with Apple's stock rising by 0.34% [2] - TSMC has sued a former executive for allegedly stealing trade secrets and joining Intel, claiming the individual may have disclosed confidential information to Intel, while Intel denies the allegations [2] - JPMorgan predicts the Federal Reserve will cut interest rates by 25 basis points in December, contradicting previous expectations of maintaining rates until January, following hints from key officials about earlier rate cuts [2]