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 52 seconds.

That's less time than it takes for OPEC to slash oil production and trigger the US, the Bank of England to deviate from their bond-buying plans, and Russian troops to run away from the frontlines.

Let’s dive in. 🚀

What’s hot, what’s not?

Market Commentary

• US service sector data pointed to more cooling - the Fed's antics are definitely working.

• Asian stocks had a bumper day, with Hong Kong up 6% and India up 2.5%.

• Oil prices went on a fresh surge up as OPEC cut supply by double the predicted amount.

Story Roundup

1 - OPEC+ agrees to cut oil supply by 2mn barrels/day. 🛢️

The world's largest, legal cartel looks like it's on 🔝.

OPEC cut oil production by 2 million barrels a day - equivalent to 2% of global oil supply.

This is gonna benefit everyone that sells a lot of oil. That's your Russia, Saudi and UAE.

However, one country's pretty angry.

America spent a lot of time lobbying OPEC against any oil supply cuts (right before the all-important midterm elections 🤔).

But it was all to no avail.

And now, America is accusing OPEC of "aligning with Russia and Saudi Arabia".

Slippery situation. 🤷

2 - Bank of England buys no bonds for a second straight day. 💀

It's been 6 days since the Bank of England stepped into markets to rescue the UK.

However for almost two days, they haven't bought any British government bonds.

This means that they've purchased 3.7bn GBP out of a potential 30bn GBP.

The decision seems fine since the market for UK government bonds seems to be recovering - however yields sharply spiked on Wednesday to their highest levels in a week.

It looks like markets are returning back to their previous rhythm - so this isn't bad news.

Phew. 😔

3 - Russian troops say bye-bye to the frontlines in Ukraine. ⚔️

After losing significant chunks of territory, reports from the battlefield say that Russian soldiers are retreating.

In fact, Russian forces publicly admitted a retreat for the first time since the war started - saying that they are "regrouping to get strength to strike back."

These words come just a week after Putin annexed 4 regions of Ukraine.

But despite the lavish ceremonies that went behind signing the papers, Russia has lost territory in all of those 4 regions.

No winners in a war like this. 🙏

4 - Tesco shares slump to a new low over high inflation. 📈

Tesco isn't having a good decade.

Their shares slumped to a 10-year low after some pretty poor guidance. - they trimmed their profit expectations- they increased pay for their staff 8%- they warned of rising inflation's impact on their bottom line

Their biggest focus right now "is on pricing" - because if they lose customers on potentially more expensive things, they can stay afloat if they cater to everyone else well.

People are trading fresh for frozen, and it doesn't look too good. 📉

5 - OYO's valuation trips up yet again. 🔥

In yet another fall from grace, OYO's valuation has sunk from $10bn to $6.5bn.

They disclosed these numbers in an IPO filing, and they follow in line with a market rout that's chopped up all the shoddy valuations you could imagine.

The business, however, seems to be strong. In the same filing, they showed narrower losses and a rebound in sales through the 2nd Quarter.

Margins also improved - going from 9.7% in 2020 to 33.2% last year.

They now wanna go public early 2023 - is a market bottom on the cards? 🃏

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