Happy morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 55 seconds.

Yesterday, China pointed the finger at the dudes in charge, Elon Musk declared war on Apple, and crypto bros saw some more turmoil. 🔥

Let’s dive in.

What's hot, what's not?

Market Commentary

• Wall Street is still pretty nervous about all the China stuff going on.

• Traders are betting that Beijing will succumb to an angry population and ease COVID measures. 🦠

• The guys at the top are having some doubts about the state of markets in the UK. 🤔

Story Roundup

1 - The guys in charge in China are feeling the heat. 🥵

Chinese health authorities are pointing the finger at local governments for being lazy with COVID outbreaks. 

They're saying that governments didn't help with - vaccinations of elderly- timely shutdowns and lockdowns as needed- going "overboard" on restrictions

After these complaints, the government rolled this stuff out - boosted vaccinations for the elderly- possible softening of COVID lockdowns- restrictions could start to trickle away

Coincidence? I think not. 🤷

2 - BlockFi sends a lawsuit toward FTX. 🤦

Blood is on the streets of the crypto casino... yet again. 

Bankrupt crypto lender BlockFi has sued bankrupt FTX owner Sam Bankman-Fried over some missing collateral. 

Apparently, SBF had pledged Robinhood shares as collateral to BlockFi, and never made them whole after his exchange went belly up. 

SBF owns about 7.5% of Robinhood, and it's looking increasingly dicier. 

Sifting through the wreckage. 💀

3 - Elon Musk 'declares war' on Apple. 💥

Apple is being put in the spotlight for curbing advertising on Twitter. 

The world's richest guy is locking horns with the richest tech company in the world over a dispute over the thing that makes the world tick - money. 

Twitter might also be "withheld" from the App Store, and Elon is puzzled as to why. 

He's calling it "secret supression of free speech", and it's not looking pretty.

Tons of brands have slowly pulled away spending on Twitter because of the dumpster fire that ensued after Elon took over - but things are getting back to normal now.

Looks like a stick in the gears. 😅

4 - Alibaba runs for Zomato's exit door. 🏃‍♂️

Chinese kings Alibaba are selling a 3% stake in Zomato today, and the final bill comes out to about $200mn. 

They're offering a 6% discount to market price, and it's gonna be done through a block deal. 

This has happened hundreds of times in Indian markets - the one-year legal lockup for pre-IPO investors expires, and they then dump their shares on public markets. 

Zomato's been improving their business fundamentally and cutting losses, which is keeping some people smiling.

Guess they've got both Dal Street and Dalal Street happy. 🛵

5 - India's biggest airlines take off together. 🤝

Tata and Singapore Airlines are shaking hands over a deal to merge Air India and Vistara. 

The final name will belong to Air India, and SIA has agreed to inject $250mln into the business. 

Singapore will own 25% of the new business, and Tata will own the rest. 

India's aviation market is taking off at a quick pace, and interest from investors like this does nothing but ease turbulence. 

Next destination? The moon. 🤷

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