Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 2 seconds.

That's less time than it takes for Putin to hit back at Ukraine, JP Morgan's CEO to start thinking twice about the economy, and the UK to start a debt-cutting clock. ⌚

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets across the board stayed flat. Not much news to be happy about, so we dipped into negative territory here and there.

• The Pound continued it's negative descent against King Dollar to about $1.10, and it looks like parity is back on the cards if the UK isn't careful.

• We wait with bated breath for some pretty important macro data. Inflation from US and UK is due soon. 🤫

Story Roundup

1 - Putin hits back at Ukraine with full force. 💥

Ever since Ukraine blew up that bridge, Putin's been fuming.

He spoke to his security council and clapped back with as much firepower as Russia could muster.

In statements, he said that targets were military, energy, and communications buildings, but some leaked footage showed a housing complex on fire.

The explosion of the bridge seems to be more of a propaganda victory than a wartime one - and it's got the world balancing on a knife's edge. 🔪

2 - JP Morgan's CEO raises the recession alarm. 🚨

One of the smartest guys in the room said the R-word yesterday.

JP Morgan's CEO Jamie Dimon has warned that the US economy could tip into recession anywhere from 6-9 months from now.

He thinks that the downturn will spark panic in credit markets and wipe yet another 20% off the stock market.

His comments are followed pretty closely by Wall Street, and with very good reason.

Early signs of cracks in the armour are starting to show themselves. 🛡️

3 - Kwasi Kwarteng starts the countdown on a debt-cutting plan. ✂️

The UK government is racing against time.

Chancellor Kwasi Kwarteng just preponed his deadline to come up with a debt-cutting plan - accelerating the need for the government to get a grip on public finances ASAP.

Financial markets in the UK have become increasingly nervous after some pretty short-sighted policy (and backtrack!) from the British government.

UK gilts sold off, pushing the country's long-term borrowing costs to the moon and threatening hundreds of pension funds.

Cliffhanger. 🏔️

4 - Saudi drops $2.3 billion on sponsoring the beautiful game. ⚽

The Saudis don't play around when it comes to football.

Their sovereign wealth fund has committed over 2 billion dollars toward long-term football sponsorship deals.

It's a good refresher to the world on how readily the Kingdom is diversifying their economy away from oil.

Saudi also recently bought Newcastle United for over $330mn, spending $220mn on players since.

Goal. 🥅

5 - India's top IT business reports some resilient results. 🚀

India's largest IT company Tata Consulting Services reported results yesterday.

Growth seems to be pretty resilient despite broader gloom and doom in markets.

Profit was up 8% year-on-year with revenue jumping 18%.

It's interesting to note that most of this growth was led by typically unorthodox segments - with Retail and consumer-packaged goods revenues shooting up over 20% each.

To the moon. 🚀

Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

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Cheers, and have a lovely day. 🙏

Aryaansh