Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 5 seconds.

That's less time than it takes for Britain to get a new PM, markets to whipsaw over Xi Jinping's 'forever presidency', and Apple to start getting the inflation bug. 🐛

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Indian markets showed us some Diwali cheer and closed at a one-month high.

• It looks like we're in the middle of yet another bear-market rally. It's 50-50 on where things go from here.

• The cooldown is still hitting hard and slowly beating the average Joe's bank account out of shape. 👊

Story Roundup

1 - Diwali comes to 10 Downing Street. 🪔

Rishi Sunak is officially the youngest UK Prime Minister.

He's also one of the richest - with a net worth of $830 million. Dollars.

His first order of business will be to soothe markets along with the Chancellor, who's gonna be pushing to start cutting debt.

They've planned to get this out by the end of the month so that the Bank of England can have a look and see that it's all fine.

Credibility is key to Britain, and it looks like Rishi's giving some of it back.

2 - Markets jitter over Xi's third term. 👑

Xi Jinping's comeback has gotten quite the thumbs-down from markets.

Hong Kong's Hang Seng index fell 9.7% - matching it's largest ever drop.

This re-affirmation of power has markets confused at China's geopolitical rivalry, which is why the street is buzzing with losses.

There has also been a total rehaul of internal Chinese mechanics - which is crazy.

If you've been sleeping under a rock, some CCP guards literally pulled out Xi Jinping's rival from the conference. They said it was due to him feeling unfell but my man was literally struggling.

Talk about clout. 💀

3 - Apple starts feeling the bite of inflation. 🍎

Forget hardware - Apple software is now gonna run you back some bucks too.

The they just hiked prices for it's services.

That's your Apple TV+, Apple Music, and the rest of the bundle.

Big Tech is having to deal with inflation in ways than ever before - with salaries skyrocketing and development budgets shrinking.

It's hurting everyone in the chain, and other Big Techs have had to respond in a similar way. Amazon ended up hiking prices for their Amazon Prime by 18-20%.

Sticky business. 😬

4 - Europe business activity slides faster than expected. 📉

All may not be hunky-dory in the UK.

Business activity in the Eurozone ended up at it's lowest level in over 2 years.

Europe's economy seems all set to contract in Q4 yet again - as the ECB hikes rates and destroys demand like a 3 year old kid next to a Jenga tower.

This grim outlook was also taken notice of by the IMF - who said that Europe needs to step their game up if they want to get out of this in one piece.

Strap in. 💥

5 - China GDP data finally comes out. 🔢

China just came in with some weak GDP numbers - but nothing too bad.

They had been expected to announce some of their weakest quarterly growth numbers because of the rampance of Zero-COVID policies which essentially force segments of the country into lockdown.

China's GDP growth is still below the government's target - who seems to be hell bent on doing anything to make this possible.

Xi's new government has also seen a very interesting pivot. They've quietly scrapped plans of overtaking America as number one. The biggest theme now seems to be getting back on track.

Sign of the times. ⌚

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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