摩根大通认为，数据中心建设放缓不会明显改变2027年资本开支计划，因为多数2027年项目已经开工且完成融资，真正影响更可能从2028年以后显现。建设节奏放缓可以让AI商业化收入有更多时间追赶前期资本投入，同时延长算力供给偏紧的状态。融资端，市场短期可能减少数据中心相关债券发行，新增融资更倾向流向监管环境相对“安全”的地区及GPU项目；债券供给下降也有助于缓解该行业部分融资技术压力。

美国10月ISM非制造业新订单指数 55.9，前值59.8。

An ECB governing council member said the bank may need to maintain a hawkish stance and guard against inflation shocks. They warned core inflation could rebound via second-round pass-through from goods and services prices, pushing inflation higher and requiring a degree of hawkish policy. The ECB has already raised rates twice; markets widely expect another hike in December. Euro-area inflation rose to 4% in October, a three-year high.