Pre-market news summary for US stocks

① U.S. stock index futures all rose: Dow futures rose 0.26%, S&P 500 futures rose 0.44%, and Nasdaq futures rose 0.66%.

② European stock market indices were mixed: Germany's DAX30 rose 0.12%, France's CAC40 rose 0.97%, Europe's Stoxx 50 rose 0.60%, while the UK's FTSE 100 fell 0.15%.

③ AI chip stocks continued to rise in pre-market trading, with Taiwan Semiconductor rising 2.4%, Broadcom rising 1.46%, and both NVIDIA and AMD rising over 1%.

④ Traders are betting that the Federal Reserve will implement "extraordinary" rate cuts, with a surge in SOFR options open interest. The market expects the Fed may cut rates by 50 basis points in a single move at either this month's or December's meeting, which is higher than the current interest rate swap market pricing of two 25 basis point cuts. Analysts say that the government shutdown has delayed the release of economic data, but once it resumes, the market may quickly reprice easing expectations.

⑤ After French Prime Minister Élisabeth Borne announced the suspension of the controversial pension reform, she successfully survived two no-confidence votes, boosting the European bond market. Support from the left and moderates has temporarily stabilized her government, with the spread between French and German 10-year government bonds narrowing to 78 basis points, and the French CAC40 index rising 0.8%.

⑥ Taiwan Semiconductor's Q3 performance greatly exceeded expectations, with revenue of $33.1 billion, a year-on-year increase of 40.8%; EPS reached $2.92, higher than the expected $2.60. The company raised its revenue growth guidance for 2025 to the mid-range of 30% and increased the lower limit of capital expenditure to $40 billion, demonstrating strong confidence in AI chip demand.

⑦ Charles Schwab rose over 3% in pre-market trading, with the company reporting net new assets of $134.4 billion in Q3, a year-on-year increase of 48%, exceeding the expected $130.2 billion; daily average trading volume rose 30% to $7.42 trillion, with new accounts exceeding one million for four consecutive quarters.

⑧ UK AI cloud company Nscale announced a $14 billion deal with Microsoft. Nscale will provide Microsoft with approximately 200,000 Nvidia GB300 graphics processors and data centers with power capacity of up to 240MW. This significant contract is one of the largest collaborations in the AI infrastructure sector.

⑨ Nio's U.S. stock fell over 7% in pre-market trading, following reports that the Singapore government investment company accused Nio and its executives of securities fraud, while Nio executives stated they were unclear why this matter has been recently sensationalized