``` "Black Friday shopping festival" sees light trading; CME outage briefly halts trading; gold and oil both rise; silver hits new highs. ```

Market expectations for Federal Reserve rate cuts continue to rise, driving global stock markets to potentially record their best weekly performance since June. On the trading front, a system failure at the Chicago Mercantile Exchange (CME) disrupted futures trading. Additionally, due to the “Black Friday” holiday, the U.S. stock market closed three hours early that day.

On November 28, most major European indices opened higher, Asian indices were mixed, the U.S. Dollar and Treasury yields were largely unchanged, gold, silver, and oil all rose, while cryptocurrencies saw slight declines.

The Chicago Mercantile Exchange (CME) experienced a trading halt due to a cooling system failure at its data center. The suspended products included S&P 500 index futures, Nasdaq index futures, and the EBS foreign exchange trading platform. The EBS FX platform also stopped trading due to technical issues. AT Global Markets’ chief analyst in SydneyNick Twidale said:

“Traders will turn to other liquidity tools as much as possible. We’ve lost one of the main sources of market liquidity, and if a major event occurs, this will heighten the risk of severe market volatility.”

Key market movements are as follows:

The Euro Stoxx 50 index opened up 0.1%, the German DAX index was flat, the UK FTSE 100 index rose 0.2%, and the French CAC 40 index gained 0.1%.The Nikkei 225 index closed up 0.2% at 50,253.91 points. The TOPIX index closed up 0.3% at 3,378.44 points. South Korea’s KOSPI closed down 1.5% at 3,926.59 points.The yield on 10-year U.S. Treasury bonds was little changed at 4.00%.The U.S. Dollar Index was largely unchanged at 99.64; the British Pound fell 0.2% to $1.3218; the Japanese Yen was stable against the dollar at 156.41.Spot gold rose 0.64% to $4,184 per ounce, spot silver approached $54/oz; Brent crude oil prices held above $63 per barrel.Bitcoin prices were largely unchanged at $91,357.67, while Ethereum fell 0.7% to $3,011.69.

Driven by rising expectations for another Fed rate cut, gold is set to achieve a fourth consecutive monthly gain. Since the start of the year, gold prices have seen almost uninterrupted monthly growth, potentially marking the best annual performance since 1979. Futures markets indicatethe Federal Reservehas about an 80% chance of cutting rates by 25 basis points next month and may opt for three more cuts by the end of 2026.

Spot silver is currently holding near $54 per ounce, once reaching a record high. This round of gains is likely to see a seventh consecutive monthly rise—its longest such streak since 1980.

Brent crude prices are holding above $63 a barrel, but are still poised for a fourth straight monthly decline in November—the longest losing streak since May 2023. OPEC+ member countries will meet this Sunday and are expected to stick to the original plan: pausing production increases until early 2026.

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