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 53 seconds.

That's less time than it takes for Goldman to close down their retail banking biz, Germany to fire their cybersecurity chief, and India's richest banker to set up a billion dollar fund. 

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US stocks continued their rally up after some positive earnings coming from banks and tech.

• The early stages of this season are helping brighten sentiment. That's much, much needed. 💀

• Indian markets closed at 10-week highs. The trading floors seem happy for now.

Story Roundup

1 - Goldman says bye-bye to it's retail bankers. 👋

Goldman's decided that they're not cut out to serve the little guys. 

They'll be pulling back from retail banking and rolling up their business. 

While a lot of people are questioning it, this makes a lot of sense for them - retail banking is pretty costly, and margins are often slim. 

Goldman wants to focus on their existing high-net worth clients instead of splashing tons of cash on acquiring new customers.

The Wall Street heavyweights announced this after reporting a 4th consecutive quarter of declines in profit - a sign that belts are getting tighter in an unforgiving macro environment. 

Money talks. 💸

2 - Germany sacks their top security officer over Russia links. 💀

It looks like Germany's cyber security leader could be snitchin'. 

He was just fired from his job as head of Germany's national cyber-security agency over some reports that he had ties to Russian intelligence. 

This scandal comes at a time of heightened fear. 

The war's an obvious one, but there are also worries that Russia might have a jab at Germany’s critical infrastructure because of their continued support of Ukraine. 

And it happened earlier this year - German rail went offline due to cyber attacks, paralysing hundreds of thousands of people. 

The hacking is strong with this one. 💻

3 - Kotak and Abu Dhabi chip a billion dollars into India's real estate. 🏠

India's richest banker is raising $1bn to buy Indian real estate. 

Uday Kotak's company is gonna be teaming up with Abu Dhabi for a $500mn check. They also wanna raise $220mn from Allianz and a little from investors here and there. 

Target for the raise to end is 2023, and this $$$ is gonna be spread out over residential property in India's top 5 metropolitan cities. 

India's housing market seems to be softening at a rate slower than the rest of the world - a sign of confidence when all hell is breaking loose. 

Let's see where this one goes. 🚀

4 - Bank of England sets an asset sale starting line. 🏁

The Bank of England has decided that it's time for a yard sale. 

They'll be unwinding the QE program that saw them scoop up $920bn of government bonds. 

Markets were thinking that this was gonna be delayed, but Jeremy Hunt has other plans. 

His plan will be at the heart of efforts to close a £40bn gap in the government’s books.

UK inflation is dropping today - and this one could very well be pivotal. 

One to watch. 👁️👁️

5 - Rolls Royce smushes luxury and lightning together. 🔋

Rolls Royce is going electric. 

The luxury carmaker is making a step toward their zero-carbon goal by 2030 with a new EV.

It's gonna be priced between $300,000 and $600,000 according to reports. 

This is a pretty firm sign of a pivot by the big boys. By 2030, Rolls Royce isn't gonna be selling gas-powered cars. Full stop. They'll be ditching their gas-guzzling beasts to elegant electric beauties that glide across the road. 

Rolls sold about 50% more vehicles last year - 5,500 to be exact. This small number also helps them sidestep the semiconductor crunch simply because they don't need as many electronic parts.

Zooming ahead. 🏎️

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