Happy morning, Munchers! 🙏

Hope you had some fun Friday partying. A well-deserved weekend is in - so y'all can kick back and relax.

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 50 seconds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• US stocks had a field day to close out another sad week.

• Most traders remain focused on next week's UK and US CPI inflation figures on Wednesday.

• A global risk-on rally has gripped markets this week, as the dollar further weakens and people try to predict monetary policy moves.

Story Roundup

1 - German gas supplier seeks state bailout. 🔥

Yet another German gas company was forced to ask for a bailout from Berlin after Russia turned off their taps.

The company's name is VNG - and they're the second German gas biz that's asked for some financial help in under a week.

They said that costs could not fully be passed to customers and that Russian supply disruptions are forcing them to buy gas at "massively higher prices".

Sticky business. 💀

2 - Pakistani flood-related losses top $30bn. 🌊

The UN's Secretary-General said that "the rest of the world owes Pakistan massive help".

Heavy rains and heavier flooding have ravaged Pakistan over the last few months, displacing over 50 million people.

That's almost the entire UK.

These floods are a direct result of global warming - and Pakistan is suffering for no fault of their own. They contribute for less than 1% of global emissions.

An estimated $30bn of damage has been done to the country.

Underwater. 😓

3 - Higher gas prices to tide Gazprom to record profits. 💸

Even though Russia's barely selling gas, they're doing just fine.

Gazprom is now delivering 84mn cubic metres per day - infantly when compared with the 480m cubic metres a year back.

The reduction in supply is A-OK when you take prices in.

Last year, Russia sold gas at an average of $310 per cubic meter. Now, even as their export volumes fall 43%, their average selling price is at over $1,000 per cubic meter.

Less is more.

4 - Ukraine asks for a $17bn handout. 🤝

Winter is looming, and Ukraine knows it.

They appealed for foreign support to top up a $17bn emergency fund - with the main aim of tiding themselves through what looks to be a cold, grueling winter.

World Bank puts the cost of Russia's invasion at $349bn so far - and Ukraine is working to rebuild all that has been lost.

Race against time. 🏃‍♂️

5 - Californians start to feel the global warming heat. 🥵

A heatwave in California is hurting the electricity grid.

Temperatures are slowly rising - and demand for electricity is stronger than ever.

That's because people need to have their AC on for longer, or they risk turning into a microwaved human burrito.

This puts a lot of pressure on the electricity grid - which is pushing it's energy supply boundaries.

They've asked customers to "curtail power use" and calm down with the AC.

Hot stuff. ♨️

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