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.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets are in for a relief rally - most big indices pushed higher today.

• Risk-on assets had a field day with tech stocks leading us higher.

• Markets are waiting for US inflation numbers that are gonna come out tomorrow. Bated breath. 😤

Story Roundup

1 - Jeff Bezos's rocket ship fails in seconds. 🚀

Jeff Bezos's space exploration company suffered it's first public setback.

Details of the failure haven't been disclosed, but about 40 seconds after takeoff, the rocket suffered an engine problem.

It suddenly veered off course - which could pose a big risk to anyone nearby - so the best thing was to turn the entire thing off.

No people were on board.

Interesting developments in from the Bezos-backed company Blue Origin - which has firmly put it's foot forward in the commercial space travel market.

To the moon. 💫

2 - Indian inflation bounces to 7%. 📈

CPI in India jumped from 6.7% to 7% for the month of August.

It's all because of one big component of CPI - food inflation.

• Onions and tomato yields have fallen due to severe flooding near a lot of fertile farmland

• Wheat and corn yields are down because of a heatwave that baked a good chunk of India

• Cost of fertilizers is through the roof due to the Ukraine-Russia war.

Only silver lining here is that manufacturing sector output grew - so demand is growing too.

Pricey. 🏷️

3 - Goldman cuts off dead weight. ✂️

Belts on Wall Street are getting tighter.

Goldman Sachs is planning to cut 5% of jobs - which comes to a few thousands of people.

It's another sign of the dealmaking slowdown on Wall Street. Revenues are plunging, and so are the workforces of investment banks that rapidly hired during 2021 to take care of a surge in deals.

Compensation and benefits at Goldman were down 31% in the first 6 months of 2022.

Guess banking really is either feast or famine. 🤷

4 - Russia wants to press Ukraine where it hurts. 🔥

President Putin said that Russia will "press on with the invasion" until "all goals are met".

He said this in response to Ukraine's counter offensive - which has reclaimed over 3,000 sq. kilometers of ground.

It marks a rare win for Ukraine - which found themselves overpowered in almost every way.

They've managed to fight back - but Russia is clearly not happy.

It's a tough life. Here's how it's like on the war fronts.

5 - China's currency problems accelerate. 💸

The Chinese yuan is on course for it's largest annual fall on record.

It's the latest development in diverging monetary policy between the tightening West and loosening East.

The yuan has fallen 8.7% this year against the Dollar over President Xi's harsh zero-COVID policy.

Chinese central bankers are seeing this and taking action - they cut the level of foreign currency that banks must hold - making it attractive to bet against the dollar.

A tale of two cities. 🙏

A few nibbles from Yep.

Traditional video chat isn't built for the way we talk.

Some of the best conversations happen spontaneously - because life goes by quick.

So why are all our video calls planned?

Yep is a video conference platform that's got all the good stuff.

One link, one click, and one second - that's how long it takes to start chatting.

Check Yep out here.

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