Happy morning, Munchers! 🙏

Pinch punch, last day of the month.

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, Abu Dhabi dug deep into Adani's share offering, Blackstone started kicking renters out, and the Premier League migrated to the metaverse. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• European markets headed lower after some discouraging economic data. Growth is slowing in the Mediterranean and the recession debate is back on the table.

• Traders are getting busy - tons of earnings to be released along with the Fed's rate decision. Economists are betting almost everything on a 25bp hike at this meeting.

• Goldman thinks that the debt limit battle might end up hitting stocks by this summer. Great news for bottom-fishers. Horrible news for anyone else.

Story Roundup

1 - Abu Dhabi's arbabs throw millions at Adani. 💸

Adani baba has had a rough week, to say the least.He went fromt he 3rd to the 11th richest person after a market wipeout knocked $55bn off his company's valuation.Turns out he made a quick phone call to his kandora-clad friends in the UAE.Abu Dhabi's IHC will be buy $400mn of shares in Adani's parent company - 16% of all the new stock being offered.IHC is the biggest listed company on all UAE exchanges, and they also invested $2 billion in Adani last April.When in doubt... habibi.... come to Dubai! 🤑

2 - Blackstone starts kicking people out of their homes. 😭

Blackstone wants to boost returns at their real estate fund.This is BAD news for anyone that rents their properties.They've filed hundreds of eviction lawsuits, and are calling politicians in California to warn of an "uptick in evictions".Blackstone is one of America's biggest landlords, and they bought billions of dollars of real estate during the pandemic.When it turned out that renters couldn't pay up, they decided to give some leeway.Turns out that their generosity is over.The rich always get richer... 😅

3 - Premier League moves to the metaverse. ⚽

Crypto died in 2021, but football soared to life in 2022.And the English Premier League wants to mix both worlds together.They've struck a multi-million dollar deal with Sorare - a startup that picked up $680mmn of funding and got valued at $4.3bn.Sorare takes football players and turns them into virtual collectibles, just like your Match Attax cards back in the day.Finally, some NFTs that have utility. 😤

4 - Marqeta splashes $300 million on fintech like it's 2021. 🥳

Marqeta is a $4bn company that virtually no one has heard of.They build the infrastructure of the fintech world, and they're splashing a stunning $300mn on buying a fintech.They'll buy up a 2-year old startup called Power Finance, and they want to do exactly what all bankers love doing.Credit.Marqeta wants to own the entire stack when it comes to fintech, and they're biting down hard. 💳

5 - Germany hits the brakes pretty hard. 😱

Germany's economic machine may be losing it's luster.They're the largest economy in the Eurozone, and they unexpectedly contracted by 0.2% in Q4.Higher gas prices ended up squeezing demand out of anywhere it could be hiding, and put Germany on the brink of recession.Disappointing data like this pours cold water on some recent European optimism, but economists are thinking other things.They feel that this is a "technical recession", and not a setback to growth.Seems solid. 🧱

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