Happy Morning, Munchers! 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 15 seconds.

Yesterday, Goldman Sachs' rich clients got tired of running behind markets, TSMC ran the bill up on semiconductor spending, and inflation head-butted the battery market. 🔥

Let’s dive in.

What's hot, what's not?

Market Commentary

• Stocks extended their slide today after some fiery service sector data.

• Better-than-expected economic activity means that the Fed will think twice about slowing down with interest rates. All in all? Bad for stocks.

• The UK is set to unleash a historic debt deluge. They will need to issue GBP 240bn of bonds a year for the next 5 years to finance their shopping sprees.

Story Roundup

1 - Trump tries his hand at tax fraud. 🤷

Donald Trump is in a big bid to get back into office, but his campaign might have run into a roadblock before it got roaring.

A jury found his company guilty of sneaking around tax laws.

The Trump Organization found a way to reduce executive pay taxes by giving some 'off the books' payments to managers.

In all, he's been charged with about 17 counts of tax fraud.

Oh man. 💀

2 - Goldman's big money clients are tired. Very tired. 😓

Markets this year have been a hell of a bender. And the big boys are on tilt.

Goldman Sachs' CEO said that clients are "fatigued" and "cautious" after this year's antics.

2022 threw almost every kind of black swan event at us, and it felt like once in a lifetime events were happening every other week.

Goldman is predicting that a recession is imminent in 2023, with a 35% chance of a soft landing.

Stick with the sharks. 🦈

3 - TSMC sprays $40 billion on chips. 🍟

TSMC is tripling down on it's bet on American chips.

They're splashing an extra $12 billion on a 5 nanometer chip plant. (that's the size of the chips, not of the factory 🤣)

A big reason behind moving manufacturing to America is an attempt to provide some supply chain security.

Disruptions across the world have made chips hella expensive, and it affects virtually every industry possible.

Both consumers and manufacturers are fed up of sky-high costs from supply bottlenecks, but it looks like everything might start cooling.

Stuff's looking good. 💻

4 - Inflation makes it's way to EVs. ⚡

Mo' metals, mo' problems.

Car batteries need a ton of metal to work. The big problem? Prices for these metals are sky-high, and ticking up every minute.

Rising raw material and soaring component costs are forcing carmakers to opt for cheaper batteries that have a shorter range, but this sucks too..

The markets for these 'worse' battery packs are small, which means that they become even more expensive.

Electrifying. ⚡

5 - Abrdn makes a bag from a HDFC stake sale. 💸

Abrdn is a company that manages half a trillion dollars - and they're selling their stake in India's largest private sector bank.

About 10.2% of HDFC shares are gonna be on the market, with almost 95% of those shares scooped up by a private investor.

The rest will either directly hit markets or get settled in block deals.

Abrdn has been on a selling spree in Indian markets for the last few months as they book profits across markets in a time when things are looking uncertain.

Win-win. 🏆

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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