Shutdown, China cracks down on Nvidia, Oil prices

The US Government shutdown continues to rumble on with little sign of letting up, China begins cracking down on Nvidia (NVDA) chips being imported into the country and Oil (CL=F) prices stumble after peace appears to be agreed in the Middle East.

Video Transcript

00:02 Speaker A

Well, the first thing you need to know is that the shutdown continues to rumble on with very little sign of the impass being broken.

00:07 Speaker A

Yesterday, a sixth vote failed to win approval.

00:11 Speaker A

The thorny issue of reviving expiring Affordable Care Act subsidies hasn't gone away, and it's estimated that around 750,000 federal employees are now furlowed.

00:20 Speaker A

If the shutdown is not resolved soon, then American troops will miss out on paychecks next week too.

00:26 Speaker A

And after the absence of last Friday's jobs report due to the shutdown, next week two key inflation reports look likely to be delayed as well.

00:35 Speaker A

The next thing you need to know is that China is ramping up its crackdown on Nvidia AI chips.

00:41 Speaker A

Beijing has stepped up the enforcement of its controls in chip imports as it looks to stop its big tech firms from buying from Nvidia.

00:48 Speaker A

Teams of custom officers have been mobilized at major ports.

00:52 Speaker A

They're looking for Nvidia's H20 and RTX Pro 6000D processors.

00:57 Speaker A

Remember, they were designed to comply with US export controls and still keep Nvidia's market share in China intact.

01:04 Speaker A

And the last thing you need to know is how the peace deal in the Middle East has impacted on oil and gold.

01:09 Speaker A

All prices are lower today. Yesterday, they fell around 1.6% as the market's risk premium faded after Israel and Hamas agreed to the first phase of a plan to end the war in Gaza.

01:19 Speaker A

Under the deal which Israel's government ratified earlier today, fighting will cease, Israel will partially withdraw from Gaza, and Hamas will free all remaining hostages it captured in the October 7th attack in exchange for hundreds of prisoners held by Israel.

01:34 Speaker A

Gold prices slipped for a while yesterday but are now back above the $4,000 mark.

01:40 Speaker A

President Trump, who missed out on the Nobel Peace Prize to Maria Karina Macado, the Venezuelan activist, said he will travel to Egypt for an official signing of the ceasefire.

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