Happy Saturday, Munchers! 🙏

Hope your Friday partying went well. 🥳

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 7 seconds.

That's less time than it takes for hackers to take a chunk of Binance's cash pile, US markets to continue their insanely hot streak, and Credit Suisse to buy back $3bn of debt.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US stocks sunk heavy after a stronger-than-expected jobs report. Maybe the economy isn't as cool as we thought.

• Indian stocks traded flat - not much pushing them around.

• Markets remained wobbly as the EU proposed further economic support packages.

Story Roundup

1 - Hackers steal $600mn from Binance's front pocket. 🔥

The Wild West of crypto has taken another hit to it's reputation.

Binance - the world's biggest crypto exchange - had about $600 million stolen from it's coffers.

They paused trading of their blockchain for about 8 hours - after hackers grabbed over 2 million BNB.

At the time of the attack, 1 BNB traded for roughly $290-295, making this one of the biggest crypto related hacks in history.

Attackers have swindled over $2 billion as part of crypto fraud this year - almost double the figure in 2021.

Stay safe, folks. 😬

2 - Markets slid sharply to end the day over strong jobs data. ⚒️

American markets ripsawed after a super-strong jobs report.

US employers added 263,000 new jobs in September - well above expectations of 250,000.

This stubborn strength in the labour market all points to one big thing - more rate hikes.

The temperature of the labour market is a big factor in determining the Fed's propensity to tighten the economy, and a hot jobs market means more tightening is to come.

Stonks don't always go up. 😔

3 - Credit Suisse offers to buy back $3 billion of their own debt. 💸

Credit Suisse shares jumped 5% after they offered to buy back some of their debt.

They've undergone a lot of bruising uncertainty about their future in the last few days - all of which has weighed on investors.

Their chairman (Axel Lehmann. Yeah, that's actually his name 💀) has promised directors and investors a plan for to bounce back.

The pressure for Credit Suisse to pick themselves up by the shoelaces has increased in recent weeks - especially as the cost of insurance against a CS default spiked.

Another Lehman moment on the cards? 🃏

4 - Elon Musk's WiFi satellites stop working in wartime. 📶

Earlier this month, Elon Musk offered a few Starlink satellites to Ukraine.

These Starlink satellites work with 'terminals' - devices that create networks.

This is useful in wartime, since these networks can help troops operate drones, receive intelligence updates, or even use the Internet.

Some of these satellites apparently went offline - which is devastating to Ukraine's attempts to push back into Russian territory.

Hard times. 📲

5 - Indian central bank to make a dent in the crypto world. 🚀

India's central bank's taking a U-turn in it's anti-crypto policies.

They're working on a phased rollout of a digital currency - and will put out a final design after conducting a few large scale projects.

The digital currency will be referred to as an e-Rupee and is essentially gonna be another form of money.

Cash is still king in India as about 70% of all ecommerce transactions are done using cold, hard paper.

And when you keep in mind that India's got cheap Internet access and almost 800 million smartphones, you can quickly see the places this can go. 💸

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