TSMC's profit jumps 69% on AI chip demand as First Horizon takes a loss to sell $4.5 billion of mortgages
The main developments in finance, policy and markets today, updated with each news scan.
Updated · First published · AI-assisted reporting
- Macro
Producer prices jump 1.3% in September, the most since March 2022
Energy drove the rise, with gasoline up 20.3%, and producer prices were 6.3% higher than a year earlier.
Read the story - AI
TSMC's third-quarter profit rises 69% as demand for advanced chips stays strong
The world's largest contract chipmaker earned NT$763.06 billion on revenue of NT$1,494.24 billion and guided fourth-quarter revenue to US$52.3 billion to US$54.3 billion.
Read the story - Bank & fintech
Schwab posts record revenue as PNC, U.S. Bancorp and BNY report higher profits
Schwab's third-quarter revenue rose 17% to $7.17 billion with $190.4 billion of core net new assets, while PNC, U.S. Bancorp and BNY earned $2.1 billion, $2.2 billion and $1.7 billion.
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First Horizon posts a loss after agreeing to sell $4.5 billion of mortgages
The Memphis-based bank lost $94 million for common shareholders, mostly from $347 million of after-tax charges for moving lower-yielding home loans into held for sale ahead of the agreed sale.
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Global financial watchdog sets out 12 sound practices for AI adoption
The Financial Stability Board's final report encourages banks and other financial firms to cover AI from board oversight to human review, data quality and reliance on outside AI providers.
Read the story - Markets
Penske and Mitsui agree to take Penske Automotive private at $212 a share
The car and truck dealer's two largest shareholders will buy out the other holders in a deal valued at about $16.3 billion including debt, pending regulatory approval and two shareholder votes.
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Updates to this briefing
- Led with September producer prices; Mastercard and BVNK moved out.
- Added the Penske Automotive take-private agreement; Wednesday's EU stablecoin decision moved out.
- Added Thursday's bank earnings from Schwab, PNC, U.S. Bancorp and BNY; September inflation moved out.
- First briefing of the day: TSMC's results, First Horizon's mortgage-sale loss, the FSB's AI practices and Mastercard's stablecoin platform, with Wednesday's EU stablecoin decision and September inflation carried forward.
Each item links to a full, sourced article. The briefing is rewritten through the day as news scans add stories; the notes above record each change.