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 50 seconds.

That's less time than it takes for Elon to reconsider walking away from the Twitter deal, Saudi and Russia to cut oil supply, and the world's largest hedge fund to have a succession story. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Global stocks had a bumper day on signs of a cooling economy. 🥶

• US jobs data came in pretty weak, pointing to the fact that central banks may not need to be super aggressive going into 2023. 🤺

• This quarter seems to be set up for a decent one, as economies start slowing along with central banksters' rate hikes. 🤠

Story Roundup

1 - Elon tries scooping Twitter up again. 💸

One of the most high-profile corporate battles might be ending soon.

Elon Musk sent over an email to Twitter HQ saying that he'll be happy to go ahead with the deal - just 2 weeks before they both were set to go to trial.

This offer is gonna be at the same price of $54.20 a share - giving them a neat valuation of $44 billion.

Twitter stock rocketed about 20% after a few trading halts.

Some people are saying that he's only doing this to avoid a trial - but God knows what goes on in Mr. Musk's head.

Insane. (the deal, not Elon.) 💀

2 - Saudi and Russia plan oil cuts in defiance of the US. 💔

Saudi Arabia and Russia have joined hands to cut oil supply by 1-2mn barrels per day.

This is gonna push oil prices higher, and it's something that is angering the US.

It's a significant change in direction for both of these countries - they've shown that they're willing to chase a high oil price, even if it provokes some of their powerful friends.

Russia's top energy officials are in full support of this supply cut, sending oil prices up about 7% over the weekend.

Tensions going 🆙.

3 - World's biggest hedge fund sees succession story unfold. 🏆

From an economic advice business to a $151 billion hedge fund - Bridgewater Associates has been here for quite a while.

And Ray Dalio is finally handing the reigns over.

The 73-year old billionaire has finally given up control of the company to "a new generation of thinkers and investors".

He'll still be sticking around as a board member and CIO mentor, but it's very interesting to see the way he's built a culture of transparency in a world full of secrets.

Ray Dalio's final words were that "it wasn't easy" - but he wants to be an investor, board member, and mentor until his last day here.

Crazy how time flies. 🤷

4 - US job vacancies sink super sharply over cooling economy. ❄️

American employers cut more than a million job vacancies in August.

This is the second sharpest decrease in as many decades, and we now have actual proof that the Fed's job of stamping out heat in the economy is working.

These figures drop before the release of official jobs data - which will be watched with a microscope as investors scope out the Fed's plans.

Job openings are a key gauge of labour demand - so when the former cools, it directly means that the latter is cooling too.

Unprecedented times. 🔥

5 - Jio launches first 5G beta test in India. 📶

India's largest telecom operator is gonna drop it's beta trial of 5G services.

Users are going to get unlimited 5G data with breakneck speeds of 1GB/s.

This is gonna be available in 4 cities - Mumbai, Delhi, Kolkata, and Varanasi.

It's the fastest and most ambitious 5G rollout ever planned, but Jio is the India's biggest telco for a reason. Whenever Reliance has entered a market, they've done it with blinding speed, and they've done it well.

A new era. 🚀

A few nibbles from OpenBB

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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