Market volatility is picking up as a major CME outage disrupts trading and markets look ahead to the ECB’s next move on rates. Explore what’s driving today’s uncertainty in our latest market update 🔽
Key Insights:
- Outage may amplify volatility as the month closes.
- Is the ECB gearing up for a rate reduction next?
Market Recap:
Sterling held steady on Thursday, consolidating the gains made after the post-budget bounce as markets paused for clearer direction. Across the Channel, the ECB’s latest meeting notes signalled a steady policy stance for now, though the balance of risks points toward a potential rate cut rather than a hike. While the eurozone has so far absorbed the impact of higher US tariffs, officials highlighted that the drag on exports and manufacturing may not yet be fully visible. The minutes also suggested that if economic risks intensify or inflation continues to sit below target, additional policy easing could come back into focus.
Today's Market Watch:
European trading kicked off with an unusual setback today after a cooling malfunction at CyrusOne disrupted CME data centres, forcing a halt in US futures and options trading from the early hours. With futures unavailable as a pricing anchor—and liquidity already light after Thanksgiving—the interruption has left markets without clear direction, raising the risk of sharper swings and wider spreads as the session unfolds.
On the data front, softer-than-expected French inflation has weighed on the euro this morning, and Germany’s figures due later are also anticipated to show cooling price pressures ahead of the broader EU release next week. Sterling is slightly softer but continues to hold above its pre-budget levels. Overall, the combination of technical disruption and easing inflation adds to uncertainty, potentially keeping volatility elevated through the day.
28th November 2025
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