Happy morning, Munchers! 🙏

Weeeeeeekend's in. 🥳

Have a lovely one folks. Tell your mum you love her, wish a random stranger a good day, and go for a round of cricket with Dad. 

As always, here's your daily dose from Wall Street to Dalal Street - in 4 minutes and 57 seconds.

That's less time than it takes for the UK to slash it's high-income taxes, Denmark to take a slice of the oil pie, and Dalal Street to dip into the red.

Let’s dive in.

What’s hot, what’s not?

 Market Commentary

• The Dow Jones hit it's lowest level in 2 years. Yeah. We've fallen that far back.

• British Pound tumbled to a 40-year low after some really weird antics by the government.

• Oil slid too over fears over the health of the global economy.

Story Roundup

1 - Britain axes taxes and pleases the rich folks. 💸

The UK just unveiled their most radical tax cuts in a century.

Here's a roundup of everything announced -- Income tax of 45% over £150,000 SCRAPPED (🤑)- Income tax basic rate cut from 20% to 19%- Stamp duty abolished below £250k- Stamp duty abolished below £435k for first time buyers- Rise in UK national insurance reversed- Cap on bankers' bonuses abolished (2x salary)

This package is inflationary. Full stop. 

What do you do when the Bank of England is making it more difficult for you to spend, but the government is putting more in your pocket?

British pound fell to it's lowest level in 40 years. Parity might soon be on the cards.

Strap in, guys. 📉

2 - Ineos throws down a dirty energy plant in Denmark. 🛢️

Europe's hungry for energy.

Petrochemicals group Ineos is to develop an oil and gas field in Denmark - the first project of it's kind to be approved in a long, long while.

This signals a policy shift for Denmark - which had been actually been moving away from fossil fuels.

All of Europe has been energy-starved, so it looks like they're desperate to bring prices down even further.

The gas field Ineos will handle is gonna cover 10% of Danish consumption of gas and 5% of oil.

Climate change who? 🥸

3 - Made.com fires over 1/3rd of it's workforce. 🪑

Furniture retailer Made.com just issued their third profit warning of the year and fired over 1/3rd of it's workforce.

Management is citing reduction in spending on "big ticket home upgrades" - makes sense since discretionary spending has been battered.

Furniture and home renovation companies have been hit pretty hard as they deal with things like disruptions at ports, extra handling at warehouses, and clearance pricing of excess inventory.

The company's stock price has fallen over 90% this year - and it looks like there's more room to fall.

This rocking chair's 'bout to trip over. 💺

4 - Indian FX reserves drop to a 2-year low. 📉

India's FX reserves fell for a seventh straight week to $545 billion.

Analysts believe that this tumble is mainly because of the Bank of India's intervention in the currency markets to keep the Rupee from tumbling even further against the Dollar.

The Indian rupee is now at an all-time low against the US dollar. 

This is partly because of the strength of the American currency - the Fed has been on an aggressive tightening streak that has gotten the Dollar to flex it's muscles a little.

Big money. 💸

5 - Dalal Street waves white flag and turns negative for the year. 🥵

Indian stock markets hit a pothole - turning negative for the year.

Possible recession is on the cards, as central banks may be willing to tolerate a painful downturn to get inflation under control.

An uptick in US 10Y bond yields and a strong dollar got international investors to flow out of the market a little.

High valuations and a weak Rupee are paving a mildly bearish outlook for the medium term.

Fingers crossed. 🤞

A few nibbles from Cashee.

If you’re a teen in the UAE, listen up. 🗣️

Got no bank account? No problem.

Cashee will hook you up with a digital banking platform and a physical Visa card - all for free.

That’s right. You no longer need to ask Dad before you buy anything on Amazon.

Get access to a new way to save, spend and earn ASAP at this link.

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!

You might also wanna follow up on Twitter, LinkedIn, or Instagram. 

Cheers, God bless, and have a lovely day. 🙏

Aryaansh