Top stories for the morning: OPEC+ to halt production gains, Nvidia's best chips only for the U.S.

Donald Trump says Nvidia's most advanced Blackwell chips will only be available to American companies. OPEC + decided to suspend oil production growth in the first quarter of 2026 amid signs of global oversupply and the fall of Brent prices below $65 per barrel. About these and other topics - in our review of key events for the morning of November 3.

OPEC+ will suspend production increases in the first quarter of 2026 after another small increase in December, Bloomberg reports. The decision, made with the participation of Saudi Arabia, is due to the seasonal downturn in demand and growing signs of an oil glut in the market. The International Energy Agency is forecasting a record supply surplus, and Brent prices have already fallen below $65 a barrel.

Sanctions against Russia, a key cartel partner, have increased uncertainty in supply forecasts. Analysts quoted by Bloomberg believe that the pause is of a "cautious" nature: on the one hand, it reflects caution amid a possible oversupply, on the other hand, it signals the readiness of the alliance of oil-producing countries to defend their market share, despite pressure from the U.S. calling for lower fuel prices.

Analysts at JPMorgan and Goldman Sachs expect the price of oil could fall below $60, and the OPEC+ meeting scheduled for November 30 will be key to determining the organization's policy in 2026.

US President Donald Trump has said that Nvidia's most advanced Blackwell chips will be available exclusively to US companies and will not make their way to China or other countries, Yahoo Finance reports. He emphasized that "nobody but the United States will get the most advanced chips," hinting at a possible tightening of export restrictions on AI technology.

Gold fell in price after China canceled tax incentives for some retailers, Bloomberg reports. The price of the metal fell below $4000 per ounce, but then again overcame this mark and at the time of publication it cost about $4026. Beijing's new policy, which will be in effect until the end of 2027, no longer allows small stores to deduct VAT when selling gold purchased on the Shanghai exchange. This benefit is now reserved only for participants in the largest trading platforms - banks, refineries and large producers.

And while gold remains more than 50% more expensive than the level at the beginning of the year, tax changes in the metal's biggest consumer have increased expectations of a correction, the agency points out.

Analysts note that despite the limited impact of Chinese demand on the recent gold boom, the new measure could cool global sentiment. At the same time, demand from central banks and investors looking for protective assets continues to support long-term interest in gold.

China's Baidu reported that the number of fully unmanned rides of its Apollo Go service exceeded 250,000 per week as of October 31 - the same number as previously recorded by the U.S. Waymo, CNBC reports. Thus, the Chinese company came close to the leader of the autonomous transportation market, supported by Alphabet.

Apollo Go is actively developing robotaxis in Wuhan, Beijing, Shanghai and Shenzhen, as well as expanding outside China to Hong Kong, Dubai, Abu Dhabi and Switzerland. In total, Baidu has logged 17 million orders and 240 million kilometers driven since launch, of which 140 million have been completely driverless. According to the company, no serious accidents have been recorded.

- Japan's broad Topix index rose 1 percent, while the Nikkei 225 jumped 2.1 percent.

- Hong Kong's Hang Seng Index added 0.9 percent, while mainland China's CSI 300 Index climbed 0.1 percent.

- In South Korea, the Kospi index rose 2.8 percent and the Kosdaq rose 1.6 percent.

- Australia's S&P/ASX 200 added 0.2 percent.

- S&P 500 futures were up 0.1%, Nasdaq 100 futures were up 0.2%, and Dow Jones Industrial Average exchange-traded contracts were little changed.

This article was AI-translated and verified by a human editor