Markets muted in thin trade, hit by data center glitch

London (AFP) – Stock markets were little changed Friday, capping a solid week driven by expectations of more US rate cuts, with trading thinned by the Thanksgiving holiday and a data centre outage.

Issued on: 28/11/2025 - 03:59Modified: 28/11/2025 - 12:38

**Investors were taking a breather after the past week's run-up in markets** © Daniel ROLAND / AFP

Trading on the Chicago Mercantile Exchange, one of the world's major trading operators, was halted by a technical outage first reported at 0240 GMT Friday.

"Due to a cooling issue at CyrusOne data centers, our markets are currently halted," the CME said in a statement.

Market participants rely heavily on CME platforms to manage risk through futures contracts tied, for example, to stock indices, interest rates and currencies.
The outage also froze pricing on the US benchmark crude contract, WTI, for several hours.

"It's been a while since we’ve had such a long outage,"

---- said Neil Wilson, UK investor strategist at Saxo Markets.

"Good news was it happened during the US holiday so there was not a lot of action and orders,"

---- he said.

With Wall Street closed Thursday for Thanksgiving and operating a half-day Friday, investors took a breather from AI-fuelled debates that had helped drive November trade.
Without direction from New York, European and Asian markets moved with little conviction.
London, Paris, Tokyo and Shanghai edged marginally higher, while Frankfurt and Hong Kong slipped.

Focus this week has been firmly on growing expectations that the Federal Reserve will cut interest rates again next month.

A string of top Fed officials have backed a third straight reduction, mostly citing a weakening labour market despite elevated inflation.

Attention now turns to a range of data releases over the next week or so that could play a role in the bank's final decision, with private hiring, services activity and personal consumption expenditure -- the Fed's preferred gauge of inflation.

With the government shutdown postponing or cancelling the release of some key data, closely watched non-farm payrolls figures are now due in mid-December, after the Fed's policy decision.
Markets see around an 85 percent chance of a cut next month and three more in 2026.

Meanwhile, the yen was erratic against the dollar after data showed inflation in Tokyo, seen as a bellwether for Japan, came in a little higher than expected, reigniting talk on whether the central bank will hike interest rates in the coming months.

The Japanese unit remains under pressure against the greenback amid concerns about Japan's fiscal outlook and pledges for more borrowing.