Good morning, Munchers!

Hope you've had a great start to the week.

Here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 21 seconds.

Let’s dive in.

What’s hot, what’s not?

Story Roundup

1 - Warren Buffet buys the dip after a dry spell. 💸

Investing powerhouse Berkshire Hathaway made a big bet on lender Ally Financial and increased it's stake in Apple in Q2.

Warren Buffet and co. are betting big on a US recovery.

This year, they've splashed some heavy cash on companies like - - video streaming service Paramount Global- oil majors Occidental Petroleum and Chevron- banking giant Citigroup

Looks like he knows something we don't. 🤫

2 - Ruler of Dubai grabs a $2b stake in Emaar. 🏦

Dubai's ruler Sheikh Mohammed is set to become the second-largest shareholder in the biggest MENA property developer.

Emaar will buy 50% of his stake in a new project christened "Dubai Creek and Harbour".

To finance this, they'll pony up cash and shares.

Investors didn't view this dilution positively - since cash which could have been used to repay debt is now being used to pick up a stake in this new project.

It's an even bigger concern as rates rise, and interest costs increase.

Short-term pain, long-term gain? 🤔

3 - Oil prices tumble over fears of weakening demand. 🛢️

Disappointing economic data from the US and China sent oil sliding.

Chinese retail sales rose 2.7% y/o/y vs. 5% expected, and Chinese industrial production rose 3.8% y/o/y vs. 4.6% expected.

Despite China slowly coming back to normal after tons of COVID disruption, we're still seeing growth stalling. Goldman said that "it may even be slightly reversing".

Consumer demand is still very weak, and production is still slow to get started over the sporadic nature of COVID outbreaks.

Eyes peeled for this one.

4 - Nigerian inflation hits 2-decade high of 19.6%. 🔥

Annual inflation in Africa's largest economy rose sharply in July.

Headline inflation now sits at 19.6%, majorly caused by soaring energy, food, and transport costs.

In addition, the Naira (their currency) has weakened - putting more pressure on central bankers to hike rates.

This leaves a lot of work to be done if they want to hit their target of 9% - which they're currently double of.

Looks like they're gonna go hiking again. 🤷

5 - Michael Burry says bye to 98% of his stocks. No joke.

Dr. Burry's always been aside from the crowd.

It's what propelled him to 'Big Short' fame in 2008, and it's what got him to sell 98% of his portfolio, except for one stock in Q2.

The hedge fund manager was on a famous short of the "greatest speculative bubble of all time in all things", and said that we were "careening toward the mother of all crashes".

He also said that the "silliness" in markets had returned, and he couldn't shake the "pre-Enron, pre-9/11 and pre-WorldCom feeling".

The one stock he does hold?

Geo Group. Invests into private prisons, mental health facilities and rehab centers.

Hope you enjoyed this issue of the Market Munch. If you have any feedback, positive or negative, hit my line at [email protected] or +971 50 708 8469.

Cheers and have a good one.

- A