JM News UK

A two-hour outage at news and market data provider Bloomberg LP hit financial markets around the world on Friday, prompting debt sales to be postponed and exacerbating a spike in volatility in European stocks. "We experienced a combination of hardware and software failures in the network, which caused an excessive volume of network traffic," Bloomberg said in a statement. Bloomberg said service has been fully restored and the company is reviewing why its "multiple redundant systems" failed to prevent the disruption. Bloomberg, which competes with Thomson Reuters Corp, provides real-time news and financial information to more than 320,000 subscribers globally and allows users to trade across asset classes.