Happy Tuesday, Munchers! 🙏

Hope yesterday went well. Or not. It's a Monday. 😂

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 57 seconds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Stocks across the board gained brilliantly after the UK went 180 degrees on tax cuts.

• Dubai's property market is on a ripper - with a new villa selling for a record $82.5M

• Indian stocks settled lower on weaker global trends, but forwards point to green on open today.

Story Roundup

1 - UK government hits a sharp U-turn on tax cuts. 🏎️

Remember those tax cuts that shook British markets and sent the Pound in a free fall?

Yeah. Say bye-bye to them.

The UK government has been under a lot of pressure because of their disastrous policy, and it looks like they're buckling under it.

The highest tax cut from 45% to 40% will now be scrapped. And in their words, "We get it, and we have listened".

Even though this costs the UK economy only 2-3 billion GBP a year, it was a big sign that they were losing touch with their voters. Ignoring the problems of the poor and making life better for the rich - great for support, not so great for popularity.

The Pound is back to where it was before this saga started.

And the only thing that came out of it is a torn reputation. 💀

2 - Turkish inflation firmly rockets to 83%. 🔥

While all of us are busy sobbing about high single digit inflation, Turkey just saw a fresh spike to 83%.

This is the highest level it's been at in the last 25 years - and the government is are the only ones to thank.

The lira has slid this year over political instability and some very unorthodox monetary policy. As inflation ran rampant, President Erdogan decided to cut rates instead of increase them - and this played out exactly as you would think.

One thing is for sure.

There is nothing that can overthrow a government faster than an empty dinner plate.

3 - TikTok starts printing billions in Europe. 💸

Turnover at TikTok Europe surged six-fold in 2021.

The 2021 revenue figure now stands at a neat $1 billion, up massively from $172 million in 2022.

This revenue surge can be attributed to a few big things - - increased ad spend (2021 was so much fun)- improved targeting of ads on their platform- growth in TikTok's billion+ user base

It's losses, however, ballooned by a third too - mainly because of the crazy hiring spree they've been. And inflation. You can't forget inflation these days.

A lot of psychologists have called TikTok the crack cocaine of social media apps - and it is proving it's worth to investors.

Short-form video is here to stay. 🚀

4 - UK tries tackling energy crisis with gas field. ⛽

The UK government is trying to boost domestic gas production to battle an energy crisis.

North Sea gasfields will be prioritized during a licensing round later this week - granting them permits to explore the field for 'more' gas.

The UK wants to strengthen their domestic supply as energy bills have surged and taken a big toll on households, businesses, and the government.

Green who?

5 - Kim K gets in hot water for promoting a crypto. 💀

Kim Kardashian took a dip into the crypto space - and she's getting a $1.3 million fine for it.

She apparently didn't disclose a $250,000 payment to promote coin 'EthereumMax' on her Insta account which has 330 million+ followers.

The coin almost 10Xed, after promptly crashing back down.

The SEC saw this, and fined her a cheeky $1.3 million - with a hefty statement regarding influencers promoting coins.

"Just because celebrities endorse crypto doesn't make it a suitable investment product."

NFA. 😂

A few nibbles from OpenBB

Have you ever wanted the power of a Wall Street hotshot in the palm of your hand?

Look no further.

OpenBB is the most advanced, customizable, and powerful investment research platform on the block.

You can get access to data on thousands of stocks, cryptos, ETFs, and even some good ol' macro for the old-school investor in you.

It’s written entirely in python, and you look super cool while using it.

Have I also mentioned - their terminal is completely free to use.

You can check it out here.

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!

You might also wanna follow up on Twitter, LinkedIn, or Instagram.

Cheers, and have a lovely day. 🙏

Aryaansh