Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 57 seconds.

That's less time than it takes for NATO to start nuclear drills, the IMF to raise the red alarm on the economy, and the Bank of England to start sweating. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Indian stocks shed a hefty chunk over concerns that the economy's cooling. 🥶

• Tech ticked lower yet again - traders are prepping themselves for interest rate galore.

• America's Q3 earnings season is on the way, and will define the tone for the home run of 2022. It's crazy how we have 2ish months left of the year. 😅

Story Roundup

1 - IMF warns of 'painful outlook' on global economy. ⚡

The big boys in charge are having second thoughts.

The IMF cut their 2023 global growth forecast to just 2.7% and said that "there's a growing risk that the world slides into recession".

If you want a look through their glasses, their chief economist said that "2023 could be the darkest hour for the world economy".

They seem convinced that global growth could go south of 1% - which could be devastating for households, businesses, and governments.

That's everyone.

We're heading for some stormy waters - and it looks like there is much more pain to come.

Strap in, folks. 💣

2 - Bank of England's on tilt. 💥

After last week's bond market bants, the Bank of England dashed pension funds' hopes.

He ruled out continuing the BoE's GBP 65bn bond-buying program into next week, saying that "markets seemed calmer".

The biggest takeaway from these statements is that any interventions were temporary. Bank of England isn't gonna be printing $$$ to buy more assets.

No one likes inflation - and the BoE wants to see it go away ASAP.

Heaven save the UK. ⛑️

3 - UK spy chief reports that Russia's running out of firepower. 🔥

In a war like Russia's, morale is king.

And it looks like Putin's people are lacking a lot of it.

Russian forces in Ukraine have reportedly been running out of weapons, while ordinary people can see that his invasion of Ukraine is misjudged.

An invasion like this has staggering costs to Russia - and the average person is now catching on.

The guy that rang this bell? He's the head of a UK spy agency.

And he called it a "sliding doors moment in history". 💀

4 - Amazon's EV darling is in some more trouble. 😓

Rivian's circuit boards are getting fried by the market.

The Amazon-backed electric vehicle company has more to add to it's woes as they were forced to recall 12,200 vehicles because of a singular loose nut.

I'm not even joking. 🤣

Rivian's suffered a lot of setbacks. It's stock is down 75% since listing, and it's second-largest shareholder (Amazon) buys their electric trucks from rivals.

Elon Musk also said that he "had more kids last year than Rivian made vehicles".

It's a shaky market, and shaky companies look like they've got no place in it.

5 - NATO starts nuclear weapons exercises after Putin's scares. 💀

Russia's been playing chess while the rest of the world plays checkers.

NATO knows this, and they'll be starting their annual nuclear deterrence exercises next week.

The exercises will involve nuclear-capable aircraft along with intelligence agencies working together.

Scary szn. 🫢

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