Happy morning, Munchers! 🙏

Here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 53 seconds.

That's less time than it takes for Kwasi Kwarteng's successor to shake things up, Goldman Sachs to restructure it's businesses, and China data to get delayed.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Stocks across the board bounced green after a week of whiplash. 🔪

• Everyone is gearing up for a bumper Q3 earnings season, which is gonna tell usthe winners and losers of a world beyond cheap money.

• Strong earnings from some big banks helped calm otherwise wailing markets. 🥲

Story Roundup

1 - Kwasi Kwarteng's hard work gets ripped up by his successor. 👑

Markets are liking the UK's new Chancellor.

The man's name is Jeremy Hunt, and he wants to balance Britain's books.

He's gone ahead and undone about 2/3rds of the GBP 45bn tax cuts that roiled the UK.

In short, Kwasi Kwarteng's fiscal policies have been ripped up, and more 'sensible' ones will be inked.

While this calms markets, it leaves Liz Truss's future hanging by a thread.

People are pretty angry with her, and for good reason. This goes beyond simple nighttime partying - this affects people’s jobs, livelihoods, and dreams.

Nothing is off the table, and all's left to play for.

2 - Goldman Sachs wants to chop their business up. ✂️

Goldman Sachs is looking to cut it's crown jewels up.

They want to merge the investment banking and trading divisions as part of a sweeping reorganisation.

The company is now gonna 'lose' 1 unit - going from 4 distinct departments to 3.

Goldman also wants to take their failing retail banking business and throw it into a separate unit, away from the rest of the stuff that actually makes money for them.

Analysts are thinking that this was done to beef up Goldman's stock price.

As they say, follow the money. 💸

3 - China delays GDP release at last minute. 📉

Something seems amiss in Beijing.

Without any explanation, they canceled the release of Q3 economic data.

That includes some pretty close watched info on China's GDP, amongst other things.

Wall Street had their bets on slowing growth yet again - with the data xpected to highlight China’s continued economic weaknesses.

It's also a very sensitive time in politics, with the Communist party's 20th conference going on. Worse-than-expected data could give off a mixed message or make markets more volatile.

We wait with bated breath. 🌬️

4 - Kanye West splashes some cash on Twitter's competitor. 🗣️

Kanye West is moving away from some absolutely banging rap music - he wants to become a media mogul.

He spent some $$$ on acquiring 'uncancelable' social media site Parler.

We haven't been told how much he doled out, but we know that the deal is expected to close late this year.

Kanye's been pretty vocal on Twitter and Insta - where he was banned after saying some Anti-Jewish stuff.

And Parler's entire mojo is about free speech.

Let's see where this one goes.

5 - Europe warns Iran of sanctions galore. 🚫

EU member states have all agreed to slap sanctions on Iran if it's military backs Russia.

Iran apparently supplied Russia with about 140 drones - all of which were used to bomb civilian targets.

Europe didn't like this, and they think that "a lot of evidence suggests Iran's involvement".

Tehran is denying any involvement, but an investigation has just been opened.

Only losers in a war like this. 🤷

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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