Happy morning, Munchers! 🙏

Hope you guys are having a kick-ass week so far.

Here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 7 seconds. With a fresh sprinkle of memes. :)

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US markets slid sharply for the third day in a row after tensions sparked in China.

• Indian markets rallied after a wave of short covering as D-Street's bulls won out.

• Most other Asian markets remained muted over possible China//Taiwan escalation.

Story Roundup

1 - Taiwan's had enough of China's antics. ⚔️

Taiwan is taking war seriously.

Soldiers on a Taipei-controlled island shot at a Chinese drone, with the goal to "expel" it.

It's Taiwan's first official hostile action against China - as they tiptoe the fine line between protecting their own islands and starting an outright war.

China is trying to wear down the Taiwanese military - and the stakes are very high.

All to play for.

2 - German inflation hits a 40-year high. 📈

Inflation in Europe's biggest economy accelerated to a 40-year high of 8.8%.

It's mostly driven by bumper increases in the cost of food, energy and utilities.

This all points to one thing - more rate hikes.

Lots of ECB officials have voiced their support for increased aggressiveness in hiking interest rates - since such stubborn inflation needs equally stubborn action.

Red-hot. 🔥

3 - Elon finds a new excuse to put off Twitter deal. 😏

Mr. Musk has found himself a whistleblower.

Twitter's former security chief came forward, and claimed that Twitter misled the US government over the number of fake accounts on it's platform.

Elon picked this up and hit back to save himself from an acquisition he doesn't want - arguing that Twitter should be fined over this delusion.

Fined in a way that has "material, if not existential consequences".

This bird's wings are clipped. 🕊️

4 - Goldman issues scary forecast for British inflation. 🥵

Goldman Sachs sees some pain on the cards for the UK.

In a report released yesterday, they outlined their forecast that British inflation could notch levels as high as 22%.

In comparison, Citi think we will have peak inflation at 18.6%, and the Bank of England thinks peak inflation will come in at 13%.

Investors haven't taken this nicely - bets against UK government bonds have ramped up of late as investors think borrowing costs are set to surge.

Seatbelts on. It's a bumpy ride.💺

5 - All the hits from Mukesh Ambani's flagship meeting. 🏆

India's biggest business had it's annual meeting yesterday.

Here is everything that was announced.

1 - A 5G party is coming soon.Reliance wants to deploy the largest and fastest 5G network in India. They'll be spending $25 billion on rolling it out in India's key cities - New Delhi, Mumbai, Kolkata and Chennai. This is happening by Diwali 2022. 📱

2 - Lots of cash to be splashed on energy. They are spending $9.5 billion on their 'new energy' business, and a further $9.5 billion on their petrochemical producing business. Ambani is obsessed with making Reliance synonymous with renewable.

3 - A cheeky foray into FMCG is on the cards. Reliance wants a hand in India's FMCG cookie jar - worth an elusive $110 billion. They want to solve "every Indian's daily needs" with high quality products at affordable prices.

4 - Succession! Ambani's getting old - so his kids are gonna take center stage soon. He said that they've been getting mentored, and these are the roles that his kids will be taking -- Akash will be leading Jio- Isha will be leading Retail & FMCG- Anant will be leading new energy

Reliance is a cash cow that's showing no signs of slowing down. 🔥

Hope you enjoyed this issue of the Market Munch. If you have any feedback, positive or negative, hit my line at [email protected] or +971 50 708 8469.

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Cheers.

- A