- The European Central Bank cut its key interest rate to 3.25%, its third reduction this year, citing easing inflation and slowing economic growth. The ECB expects inflation to rise briefly before falling to its 2% target next year.
- Demand for AI chips drove Taiwan Semiconductor Manufacturing Company (TSMC) shares up over 8% in premarket trading after the company posted a 54% jump in third-quarter net profit, exceeding expectations. TSMC, the world’s largest advanced chip producer, also forecast revenue growth in the fourth quarter. Nvidia also rose over 3%, as TSMC counts Nvidia and Apple among its key clients.
- Expedia shares rose nearly 5% after reports surfaced that Uber explored a potential takeover bid for the travel company. Uber’s interest is reportedly in early stages. Uber shares fell over 2%.
