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 12 seconds.

That's less time than it takes for Google's ad machine to start sputtering, Russia to do some nuke drills, and rising rates to throw a profit party for banks. 

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US tech stocks dragged indices lower after some pretty sad-looking earnings.

• Markets are loving Rishi Sunak. The Pound is back to where it was before the Liz Truss nonsense started. A breath of fresh air. 🌬️

• Home mortgage rates in America just rocketed past 7% for the first time in over 20 years. 😬

Story Roundup

1 - Google's ad-churning money engine starts to stumble. 🥶

The world's most influential company lost $125 billion in value yesterday. 

That company is Google, and that drop is because of some signs of flickering growth. 

They just reported their Q3 earnings, and the results came in pretty lukewarm. Earnings per share missed expectations by 20%, and overall revenue slowed too. 

The shocker however was this - YouTube revenue dropped, which shows that the all-important ads engine is starting to show some creaks. 

This is Google's slowest pace of growth since 2013. 

The pullback's coming in hard. 😬

2 - Russia conducts some nuke tests. 🚀

Russia has started going around some routine nuclear drills. 

A year back, no one would bat an eye. However, today's a different story. 

Russia conducted their first big nuclear drills since the war started - saying that they need to prepare if "Ukraine develops a dirty bomb". 

These drills are meant to prep Russian troops in case they go to war, but the West thinks that it could be a front for something else. 

Time will tell what's going on. 🤦

3 - European banks feel the boost from rising rates. 📈

It's been a long, long wait if you're a banker. 

European banks are finally feeling the added cushion of higher rates on their profit margins. 

HSBC, UBS, Deutsche, Santander, and Standard Chartered all reported better-than-expected revenue growth this week - buoyed by higher interest rates.

Banks tend to make more money during times when interest rates go up, since their profit margins are a little meatier. 

With great money comes greater taxes - a lot of cash-strapped governments are now considering taxing these very banks. 💀

4 - Bank of Canada nears the end of tightening! 🥳

Canada reckons that it's gonna be perfectly fine. 

Their central bank's governor increased interest rates by less than expected - giving Canadian markets a little boost and a lot of confidence. 

Canada was a forerunner for other economies, as they managed to tighten their economy quickly. They were in fact the only country to go for a full 1 percent interest rate hike. 

This seems to be working - as their central bank's governor said that the Bank of Canada could start chilling out on the aggressive hiking soon. 

Finally. 😅

5 - Everyone scrambles to put the Kanye cat in the bag. 🐈

The fallout from this Kanye West stuff is hitting everyone. 

Some of the largest companies are facing multi-million dollar hits to their revenue as they scramble to sever ties with Kanye because of his antisemitic comments. 

Adidas was the first one - shutting down their Yeezy line up and suffering a $1.8 billion dent. 

Gap came next. They've completely excluded Kanye from their websites, and you can't buy Yeezys from them anymore. 

Balenciaga has also distanced themself from him. This collab was pretty hyped, and it looks like we aren't getting anyone X Kanye for a bit now. 

He's also not a billionaire anymore - Forbes cut his net worth from an estimated $1.5 billion to $400mn. 

Think before y'all speak. 💀

A few nibbles from Pasiv

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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