Happy Thursday, Munchers! 🙏

Already feels like the week is over. 😅

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 57 seconds.

Yesterday, markets let Japan's bonds take a fresh blow, SBF agreed to get extradited to America, and Elon blamed Twitter cost cuts for a billion-dollar loss. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Yields on Japanese government bonds are still climbing. Markets are on tilt, and it's not looking pretty.

• Dalal Street bled heavily yesterday, with most major stocks falling 4-6% as a big slowdown seems on the cards.

• Regulators are turning their eyes toward crypto companies as some pretty suspicious things are happening behind the cover.

Story Roundup

1 - Bond bears in Japan have a field day. 🐻

The Bank of Japan said that they won't hike rates.

Markets have been forcefully testing them.

Japanese government bonds are typically pretty sleepy. Not too much action, and definitely not much volatility.

But on Tuesday, they blasted higher to try restraining long-term borrowing costs by making stuff difficult in the short term.

It looks like Japan's 6-year experiment with negative interest rates is coming to an end.

Been quite a wait. 😤

2 - SBF gets shipped to the US. 🚢

Sam Bankman-Fried's airplane tickets are in place.

He'll be taking a one-way trip from Bahamas to the US - and it looks like he isn't gonna come back for a long time.

The FTX fiasco has made him consent to extradition, and he'll now be facing charges in America.

US Department of Justice filed charges against him last week for "one of the biggest financial frauds in American history".

He's been denied bail and is currently being held in a high-security facility in Nassau.

Rumours are that he isn't being treated kindly. 🤣

3 - Elon frees up billions in cash flow. 💸

Elon Musk just told the world that Twitter is running out of gas by the day.

He also agreed to step down as CEO once he "finds someone foolish enough" to do the job.

The last few weeks at Twitter have been centered all around 2 words. Cost cutting.

Total employees at the company are down to under 2k from almost 7.5k, staff were made to wear additional hats, and employee benefits were cut.

If all that hadn't been done, Twitter would apparently have a MINUS $3 billion free cash flow.

What's the fastest way to get rid of $44 billion again?

4 - Crypto bros go bust. 🪙

One of the world's largest publicly listed Bitcoin miners just filed for bankruptcy.

Yep, crypto bros are bailing on their graphics cards.

The crypto crash has been especially hard on miners, since they get hurt on both ends.

Energy costs are higher, so it's more expensive to mine. Plus, whatever they're mining is worth a fraction of what it was. That's the perfect recipe for a lot of bankruptcies, and it's exactly what we're seeing.

They plan to keep operating in a very limited capacity while they hammer out a restructuring plan with lenders.

Good game. It's been a decent run. 😅

5 - Ukraine takes a hop across the pond. ✈️

Ukraine's President Volodymyr Zelenskyy touched down in the US last night, and he has a packed agenda.

This is his first trip across the pond since Russia invaded, and the first time he's left his country for almost a year.

Right before he touched down, America also announced $1.85bn in critical support to Ukraine.

This money's gonna go toward beefing up their air-defence systems as Russia goes ham on their infrastructure.

US lawmakers are also gonna vote on a $1.7 trillion spending bill this week.

Hidden in the paperwork is a payment of $45 billion as assistance to Ukraine too.

Big money. 💰

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