Happy Friday, Munchers! 🙏

Hope you've all had a great week. Looking forward to the first Saturday of 2023 never felt this good. .

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 58 seconds.

Yesterday, crypto bank Silvergate saw it's value halve, Man City inked a big deal with Jio, and Amazon axed away thousands of folks. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• A US fed official said that inflation is still way too high, which it most definitely is. A little bit of hawkishness was enough to spark some choppiness in markets. 2023 is off to a pretty sad start. 🤣

• Japan's policy shift has seen negative-yielding debt get wiped out. Global market value of negative-yield bonds has officially fallen to zero. First time this has happened since 2010. 😬

• Chinese stocks flew a little on more encouraging news about restrictions being lifted. This isn't great for a massive chunk of the population, but there's a good chance that China sees some seismic waves in the economy if stuff isn't done fast.

Story Roundup

1 - FTX's bankers take a big beating. 👊🏼

The folks that took care of FTX's bank accounts have been roiled by the crypto crisis. 

Silvergate bank recorded $8.1 billion in withdrawals from October to December. 

That's almost $100k being pulled every single minute, for two months straight.

Markets reacted exactly as you would expect. 

Silvergate stock fell a neat 50%, knocking almost $400 million off their market cap. 

The ironic thing? It still outperforms Bitcoin. 🤷🏼

2 - Football comes to India. ⚽

The sleeping giant of the beautiful game is slowly waking up. 

Reliance Jio and Man City just inked a deal that's gonna get more eyeballs onto the sport, and get a lot more cash in. 

Jio is gonna become Reliance's top digital services partner in India. 

That means all Man City club content including live matches and documentaries are gonna be on accessible to Jio customers, and City's entire OTT platform is gonna be integrated with Jio's. 

I'm excited for this, just dislike the selection of club. 

Man U much better. 🥱

3 - Amazon says bye-bye to a big bandwagon of workers. 👋🏼

Tech companies across the world are trimming their payrolls, and the newest member of the gang is Amazon. 

They're axeing over 18,000 jobs, and it's all coming from their ecommerce and HR divisions. 

So overall, Amazon has let go over 30,000 people in the last 2 months. 

One big reason this has happened is because of the stumbling fortunes of online shopping. 

Revenues exploded during the pandemic, but not much substance stuck around till this year. 

Hard-knock life. 😔

4 - IMF warns of prematurely declaring victory over inflation. 😏

The IMF thinks that it's too early to run a victory lap over slaying inflation. 

Indicators in the labour market and 'sticky' components of inflation like services are still pretty hot. 

It's a decent pivot from what the numbers are saying - since the data tells us that inflation has peaked in most economies. 

The IMF thinks that the Fed should maintain restrictive policies until there is a very definite, durable decline in inflation. 

Maybe the recession will be transitory. 🤣

5 - Meme stock bros take a big blow to their dreams. 📉

One of America's largest home goods chains could go bankrupt. 

Hint - it's WallStreetBets' favorite meme stock. 

Bed Bath and Beyond told investors that they're thinking of - raising new debt/equity- restructuring all current debt- selling assets - (the kicker) obtaining relief under the US bankruptcy code

BBBY's balance sheet has been decently stretched for a while, but it's reduced credit meant that they couldn't stock as much as they needed for the holiday season. 

Maybe WSB could be the savior for these guys. 🤷🏼

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