Merry Christmas, Munchers! 🙏

Or day after Christmas, for most of you folks. Hope you had a lovely one. Fingers crossed that Santa left your stockings full of goodies.

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, COVID's new wave went absolutely bonkers in China, Dubai's property market shifted into the fast lane, and Tesla stock got slaughtered. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• The big sharks of the bond markets are warming up to debt as a historic 2022 selloff beefs yields up. Remember - with bonds, when price goes up, yield goes down. Vice versa.

• SBF's close friends have admitted to misusing FTX customer money and throwing it into their own bank accounts. Oh man. 😬

• Weekly net outflows from equity funds have accelerated in the last week as people prep for the end of the year.

Story Roundup

1 - China's COVID wave eats up Apple's business. 😋

A widespread Corona wave in the world's iPhone capital is stress-testing Apple's supply chains.

Supply experts are warning that COVID shenanigans could be fatal for companies which rely heavily on Chinese manufacturing.

China is dealing with an unprecedented rate of infections (about 250mn people sick). That means less people at work, and lesser things getting done.

This 'absenteeism' is impacting every single business arm. Logistics, warehousing, distribution, and operations - all under the gun.

The whole situation is balancing on a knife's edge. 😬

2 - Corona 2.0 overwhelms Beijing's hospitals. 🏥

Things are looking scary for China.

And nothing explains it like this healthcare worker - "we have no beds, we have no oxygen, and we have a room full of sick people waiting".

Beijing's healthcare system has been unable to keep up with the wave of infections that's rolling over the population.

China bravely held off COVID for 3 years with their Draconian policies, but it's all coming back to bite.

This curve is looking real steep. 📈

3 - Croatia preps to adopt the Euro. 💶

Croatia's national currency is gonna be the Euro starting next week.

And every single Croatian looks excited.

They'll become the 20th country to adopt the Euro as their official currency, and it's going to give the economy a cheeky little boost.

More than half of Croatia's external trade comes from Europe, along with 2/3rds of FDI being in Euros.

60% of loans in Croatia are also denominated in Euros. That's the highest percentage in any country outside the eurozone.

Moon soon. 🌑

4 - Dubai's property market jumps to the stratosphere. 🚀

Money is in the air, and most of it is taking a one-way trip to Dubai.

The glitz and glam is doing very well at supporting the housing market, with prices and sales ripping almost every week.

Dubai managed the pandemic very well, which left their arms open to -- Europeans seeking a sunkissed life- Russians rushing away from the war- Indians setting up generations - Chinese fleeing COVID restrictions

All this demand has led to an insane spike in prices, with most villas almost doubling in value over the last 2 years.

Dubai bling. Literally. 💸

5 - Tesla gets chopped up in a brutal market rout. 🔪

Mr. Market is tightening his grip around Elon Musk's neck by the day.

This past week has been the worst week for Tesla stock since March 2020, when the pandemic rolled around.

Investors are losing confidence in EVs, and they're taking it out on Tesla.

It's gone from a market cap of $1.2 trillion to $400bn in a year - that's a staggering $800bn loss in value.

That's lost Elon his spot as the world's richest guy too.

A giant house of cards. Or Model Ys. 🔋

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