NVIDIA (NVDA.O) was up 1.3% in premarket trading after the company increased its share repurchase authorization by $150 billion.

S&P Global data show the iTraxx Europe Crossover index has hit 300bps for the first time since April.

NBS chief statistician Yu Weining said Jan–Aug industrial enterprise profits were driven by a surge in the electronic sector, where profits rose 1.1x YoY and accounted for 62.0% of total profit growth at industrial firms above designated size. Demand from NEVs, IoT and compute centres raised chip demand, lifting optoelectronic device manufacturing profits 72.0% and semiconductor discrete-device manufacturing 51.8%. Rapid expansion in electronic basic raw materials boosted electronic-specialty materials manufacturing profits 2.3x and electronic circuit manufacturing 49.1%.