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- Market Munch 🍍 | 23 December 2022
Market Munch 🍍 | 23 December 2022
SBF gets home for Christmas, America splashes trillions, and India beefs it's defence up. 🔥
Aryaansh Rathore
December 22, 2022
Good morning, Munchers! 🙏
And a very, very happy Friday to those of you that celebrate. We all deserved this one. 🤣
As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 53 seconds.
Yesterday, the FTX fiasco's megamind founder got out on bail, America spent $1.7 trillion, and India bought some infrastructure on the debit card. 🔥
Let’s dive in.
What’s hot, what’s not?
Market Commentary
US stocks took a big tumble for the worse yesterday. A good round of upbeat economic data is leading markets to think that central bankers will be pushing on with tightening things up.
Stuff seemed pretty gloomy as some weak earnings' data from tech companies weighed on the entire market.
The SP500 is on track for it's worst year since 2008. Oh man. 😅
Story Roundup
No one has got your back the way that Mom and Dad do.
SBF's parents put up their house to pay for their kid's bail.
The price tag is hefty - sitting at about $250 million. It's also the largest ever bail bond set by any government in the world. Ever.
He's been having the time of his life so far, since his Bahamas jail had AC, cable TV, and vegan food.
Not exactly a hard life if you've got a fat bank account. 🤷🏼
The US Senate just approved a $1.7 trillion spending bill. It's a good thing they did it, or the US government would quite literally shut down.
But the devil is indeed in the details.
About $773 billion will go toward general domestic spending with another $850 billion allocated toward the military.
There's also a provision for Ukraine.
Your friendly Uncle Sam will be spending $45 billion as emergency assistance, and he's not calling it charity. Instead, President Biden explained how "it's an investment in global security."
This cash infusion is gonna keep the US government alive till next September.
We'll deal with any problems then.
Oh man. Big money. 🤦🏼
The Indian Government just bought buy $10.2 billion of defence equipment.
Now that's a pricey shopping bill.
97% of this cash is gonna go toward local weapon makers - that's a pretty big step up in R&D and volume for some of them.
The Army wants to scoop up some light tanks, missile systems, and infantry combat vehicles. Some requests are more interesting. The Air Force has asked for long-range guided missiles and some super cool missile systems.
It's just like a video game. 💥
TikTok's parent company admitted to illegally keeping tabs on users.
The crazy thing? They went pretty far with some stuff.
TikTok found IP addresses, locations, and other personal data of reporters working at the FT and Forbes, along with a few other news companies.
It's because TikTok isn't a massive fan of the stories these guys run, which depict a harsh truth at times.
TikTok's lawyers said that some internal auditors misused their ability to gain user data, and that they did it in a blazingly wrong way.
Classic centralization. 😳
The tech bros in Silicon Valley are reshaping the sports streaming market.
YouTube just secured rights to broadcast the NFL (which is like the World Cup, but for American football).
Their package will run from 2023 to 2030, and it's worth a whopping $14 billion.
Shifting to big tech is a necessary evil, since barely anyone is hung up on cable TV anymore.
Apple, Amazon, and Meta are all in a race to grab TV rights for big-ticket sporting events, and we're all here for it.
Anything works so long as I can use my cricket live stream website. 🏏
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