Happy morning, Munchers! 🙏

New month, new goals and new things to do. We're on the home stretch of the year - hope that this one's gonna go out with a bang.

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 56 seconds.

That's less time than it takes for oil majors to catch Biden's eyes, Russia to put further stress on Ukainian grain ships, and Bain Capital to pocket half a yard from selling an Axis Bank stake. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets closed red yesterday as traders stayed on tilt over a higher-than-expected interest rate hike.

• The S&P, Dow and Nifty have had some of their best months in a long, long time.

• Grain markets are still shook after Russia's announcement - with prices surging and putting more pressure on the little guy.

Story Roundup

1 - Oil giants get a hefty tax bill. 💸

We've heard this a million times.

There are 3 certainties to existence on Earth. Life, death, and taxes.

Joe Biden saw that oil giants were racking up billions of dollars due to sky-high energy prices, and he wants a slice of that pie too.

He said that he's gonna be urging Congress to "punish oil companies" unless they increase their output to make prices at the gas pump cheaper.

And if they don't do that, he's ready to impose big fines and force restrictions on them.

Follow the money. 🛢️

2 - Eurozone inflation walks into double-digit territory.

This news probably isn't even surprising to you.

European inflation surged to a fresh 25-year high - weighing in at a solid 10.7%.

The biggest culprits here were food, alcohol and tobacco, all rising by 15%.

Inflation has now officially increased for 12 months in a row - and it's well above the ECB's 2% target rate.

The problem now is about slowing down an economy that's already burning rubber.

You might tip over. 💥

3 - Bain Capital makes half a yard on Axis Bank sale. 🏦

Bain Capital seems set to make out with a cheeky profit on their Axis Bank holding.

Bain owns 1.24% of the company - a figure that is now worth about $410 million.

Axis Bank has been on a ripper recently. They've positioned themselves very well for the Indian market, and this shows. Axis stock is up over 30% this year - which is a massive milestone when benchmarked against peers.

A lot of the big boys are also taking the time to cash in for a profit on their Indian assets.

Temasek, Tiger Global, KKR Private Equity and the sorts have all divested from large Indian businesses and are enjoying life right now.

As they say - go where the $$$ goes. 👣

4 - BYJU's founder says sorry to their fired employees. 💀

BYJU's is under a lot of burden.

Financial troubles, wafer-thin margins, and a slowdown in customer demand are just a few of the perils they have had to endure.

To help ease this cost-push pain, they had to start cutting jobs.

So after firing about 2,500 people, BYJU's CEO wrote out an apology email to everyone who was laid off.

A lot of the email was flattery, smoke, and mirrors, but certain parts stuck out. BYJU's won't be firing more than 5% of it's workforce - a sign that they may not have gone too quick, too fast during the 2021 boom.

BYJU's is also not gonna fire more people - they seem to have hit their optimal pace.

Rocket... or flop? 🚀

5 - Elon Musk tries to get Twitter employees working round the clock. 🐦

If you now work for Elon Musk, the man wants you to eat, live, and breathe Twitter.

He's announced his intent to "revamp up the verification mode" and has people working tirelessly to get a strong business model in place.

They're also gonna be testing something called "Twitter Blue" - a version of the app where you can have some pretty cool features (including Tweet edits 😈).

Subscriptions are gonna be either $5 or $15 a month.

I dunno about you, but I doubt a lot of people are paying the equivalent of a Subway sandwich for a blue check mark. 💀

A few nibbles from DexStar🍪

DexStar is Dubai's hottest DeFi app - fusing real-world sustainable projects with crypto natives around the globe.

They're making waves in two ways. - Sustainable project owners are able to hop onto DexStar and borrow from their lending ecosystem.- Crypto HODLers can diversify their portfolios (and make an impact on the world!) by lending to real, sustainable businesses.

If you're a lender, you put your crypto into DexStar's debt vaults. Each debt vault has a different theme, based on a different sustainable energy strategy. And your money's in the safest of hands - the guys that run these debt vaults are run by people that have real world experience. They know what they're doing. 🤷

You can check them out here, and join their Telegram chat here.

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