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 22 seconds.

Yesterday, European parliament was rocked by Qatargate, Microsoft took a stake in the LSE as part of a cloud deal, and Amgen sprayed $30 billion. 🔥

Let’s dive in.

What's hot, what's not?

Market Commentary

• Investors are packing their dry powder into markets bit by bit. All the smart money is prepping for slower rate rises globally. A quick reminder though - rates still go up, they just do so at a slower pace.

• US stocks have nudged higher a bit ahead of key rate decision from both sides of the Atlantic.

• Markets are pricing in a 75% chance of a 50bp increase, and the rest is all 75bps.

Story Roundup

1 - Qatar scandal forces calls for an EU-wide ethics body. ⚖️

2 - Microsoft goes to the top of the food chain. 🍴

3 - ECB raises the alarm on loan losses. 📉

4 - Amgen splashes $30 billion on an acquisition. 💸

5 - Rivian pulls the plug on European electric van plan. 🚘

A few nibbles from Pasiv 🍪

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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