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- Market Munch 🍎 | 1 December 2022
Market Munch 🍎 | 1 December 2022
SBF says sorry, Elon Musk is besties with Apple, and Europe gains some normalcy. 🔥
Happy morning, Munchers! 🙏
We're on the home stretch! Last month of 2022. Which is also crazy, because this year's just flown by. Have a lovely one folks.
As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 12 seconds.
Yesterday, SBF apologized to everyone, Elon Musk became friends with Apple, and European inflation stopped flying. 🔥
Let’s dive in.
What's hot, what's not?
Market Commentary
Markets absolutely roared after the Fed signaled that they might slow rate hikes next month. 🙌
US stocks have also recorded their first back-to-back gains since 2021.
Singapore's sovereign fund wrote off a $275mln investment into FTX. The bodies are still tumbling out of the closet. 💀
Story Roundup
The FTX contagion that crippled crypto markets was given some light yesterday.
SBF was at a summit, and he was interviewed about what exactly went on in his head.
He said that he "never tried to commit fraud" and admitted that he "made a lot of mistakes".
The audience had quite a few giggles at his expense.
FTX seems to be a house of cards where customer money was shuffled from company to company, and it isn't looking pretty.
Maybe the smart money isn't all that smart. 🤷
Yesterday, the world's richest guy went head-to-head against the world's richest tech company.
Looks like those problems are behind us now.
Elon had a "good conversation" with Apple's CEO Tim Cook about whether Twitter may be booted off the App Store, which would put them in quite a pickle.
He asked Apple if they "hate free speech in America" and that it's a sign of "America's downfall".
All said and done, Elon found it to be a misunderstanding.
Boys will be boys? 🤔
The Fed might be downshifting it's gears a little.
Jerome Powell sets the stage for markets, and yesterday, he warned of the dangers of overtightening.
He said that "The time for moderating the pace of rate increases may come as soon as December".
In one sentence, this is party for markets.
The Fed won't relinquish it's fight with rates, but will definitely start tapping the brakes on it.
Maybe we'll all be okay. 🤣
Price pressures are easing, and we're all here for it.
Eurozone inflation slowed from 10.6% to a 10% level, marking a fall greater than economists around the globe expected, and sending markets into a ripper.
Wholesale food and energy costs are rolling down, and consumer prices are following in turn.
Core inflation flatlined, and it looks like we could have hit peak inflation.
Pray. 🤞
HSBC's ditching the ATMs and moving into the internet.
They're closing 25% of their UK branches and making a greater push into digital banking after their biggest investor pressures them to cut costs.
More than 97% of HSBC's transactions, loan applications, and card applications are all done digitally.
Some of their physical branches though, have less than 250 customers walk in per week.
Footfall is king, but the internet is dethroning it. 😬
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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!
Cheers, and have a lovely day. 🙏
Aryaansh