Happy morning, Munchers! 🙏

Thank God it's Friday. ;)

We're on the home stretch of the week - hope your coffee's piping hot. Let's go. 🏎️

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 12 secnds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US markets stayed flat as traders prep for US jobs market data out later this week.

• If jobs come in very-strong (read: high), it could be a sign that the economy is still hot.

• Could possibly push Fed toward some more aggressive hiking, since we still have room to fall. 🔥

Story Roundup

1 - US orders Nvidia to stop selling chips to China. 💾

America wants to alienate China.

The US restricted exports of it's most cutting-edge computer chips to China - which means that they can't use top-of-the-line tech when they need it. 

Chipmaker Nvidia now needs a special license to sell it's chips to China - something investors didn't take very well. The stock slid almost 12% intraday.

People at Nvidia think that this was done to limit Chinese military access to advanced tech - but a lot of data centers use these chips, which could have some knock-on effects.

Chip crunch. 🍟

2 - Energy companies are mad about Biden's gas tax. 😮‍💨

Joe Biden signed a groundbreaking law last month. 

In short, any company that excessively pollutes with methane, gets taxed extra.

A tax of $900 per tonne of methane is levied, which rises to $1,500 per tonne after two years. It kicks into effect in 2024.

And as expected, oil companies are angry. 

A couple big boys in the space have called the US government "wrong" by saying that it puts more pressure on the economy and hurts the poorest more. 

Slippery business. 🛢️

3 - Daily life in the UK derails as train drivers walkout. 🚶

British train drivers are planning another co-ordinated strike over pay.

It's an action that will come in on the 15th of September - and will disrupt services across the country. 

Their union Aslef said that "they regret disrupting services", but drivers couldn't accept "another pay freeze" as their wages remain flat since the start of 2019.

Inflation is surging, and it hurts the poorest most. So unions are putting pressure on businesses to pay the little guy some more. 

No gravy train at this station.

4 - Twitter lets you edit your tweets for $5 a month. ⚒️

Twitter's testing subscriptions- and they confirmed that you can edit Tweets as a paid user.

It's Twitter's "most requested feature till date" and will be available to the users that pay $5 a month for Twitter Blue.

Currently, the new offerings are being tested internally, and you'll still be able to see if a Tweet is edited.

You get 30 minutes after the Tweet goes out to do whatever you want to it. 

This completely changes the ratio market. 😏

5 - Egypt issues $500m of bonds... denominated in RMB! 🇨🇳

Egypt normally issues bonds in the US dollar.

Not anymore. They just issued about $500m of bonds in the Chinese yen - and this is explosive stuff.

China and the US have been in a dogfight for financial power - and Middle Eastern companies usually finance themselves with US dollars. 

If this is the beginning of a trend, it could spell bad news for "King dollar". 🔥

Hope you enjoyed this issue of the Market Munch. If you have any feedback, positive or negative, hit my line at [email protected] or +971 50 708 8469. 

You might also wanna follow up on Twitter, LinkedIn, or Instagram. 

Cheers,

Aryaansh. 🚀