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 51 seconds.

Yesterday, the Bank of England starting biting at the crypto casino, Sinopec inked a massive oil deal with Qatar, and Adani got ready to grab another chunk of NDTV. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Oil prices jumped after Saudi Arabia denied a report on OPEC boosting supply. 💀

• COP27 ended in tears and frustration - not much meaningful came out of this one and the UN plans to shake things up for next year.

• North Korea fired a missile into water near Japan, sending markets into a frenzy for a sec.

Story Roundup

1 - Sinopec signs one of the largest gas deals ever. ⛽

The big boys of Chinese gas are now in some heavy business with Qatar.

China's Sinopec signed a 27 year agreement to buy over 4m tons of liquified natural gas ever year.

The world is racing to secure gas supplies during an intensifying energy crisis, and Sinopec is leading the pack.

This is also the longest contract that markets have seen in a while, showing that Eastern countries are getting friendlier with each other.

Football and a ton of money is coming home. ⚽

2 - Bank of England raises it's eyebrows at crypto. 🤨

A senior Bank of England official is saying that crypto's bundling of services poses a big risk to the financial system.

Most digital asset exchanges today do everything at once.

They do trading, lending, clearing, and custody of client assets.

And there is a lot of money that goes into these exchanges.

Regulators are now worried that this money gets mixed up - as did with FTX, Luna, and Onecoin.

Lots to play for. 💸

3 - Adani launches campaign to scoop up half of NDTV. 📰

India's richest man is continuing his push into the media world.

His offer to acquire another 26% of NDTV opens today, at a price that is 23% lower than NDTV's last closing price.

He already owns about 29% of the company, and this would make him a majority shareholder.

Adani is looking to buy out all the minority shareholders, then get to business.

Content is king. 👑

4 - UK runs out of office space at unseen rates. 🏢

Work-from-home seems to have ruined the commercial real estate market.

England's stock of office space is falling at the fastest rate in 20+ years.

Constructors don't want to create large, luxury office buildings since there are hardly any buyers, and current employers are already cutting back on office space because of WFH.

Current occupancy is stuck at below half of pre-COVID numbers. That much.

Slowdown's coming in hot! 💀

5 - Russians struggle to make sense of the ongoing war. 💣

Today marks 9 months of war, and it's all to no avail.

Russia first took Kyiv.

Then they left.

Russia then took Kherson.

Then they left.

Despite the drumbeat state propaganda, the average Russian is questioning the government's tactics quite a bit.

War doesn't work 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