Happy Morning, Munchers! 

We're almost near the weekend. Grab your coffee, and let's go.

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?

Story Roundup

1 - US Fed's keeping their finger on the trigger. 💣

The largest central bank in the world released the minutes of their July meeting, where they increased their benchmark rates by 75bps.

They discussed restricting the US economy "for some time". 

From what we can gather, they're looking at the "enormity of the inflation problem" and the fact that it could "surprise to the upside". 

To extinguish this possibility, the Fed wants to keep rates high until inflation is back at normal levels. 

Link to the minutes is here.

2 - Canada's pension fund burns off their $150m crypto startup loss. 😔

A $310bn pension fund invested into a crypto startup - and they lost it all. 

Now, they don't want to touch the digital asset industry. 

Canada's Caisse de depot et placement du Quebec invested in Celsius last October - and Celsius was caught in the tangle of the crypto collapse. 

They paused customer withdrawals and filed for bankruptcy protection 2 weeks later - revealing a $1.2bn hole in their balance sheet. 

The fund's shying away from the crypto industry now - saying they "went in too soon to a sector that was in transition". 

Sign of the times. 🌡️

3 - University student makes $110m trading meme stocks. 💸

Meme stock frenzies are back. 

And a 20-year old student made a $110m gain from trading Bed, Bath and Beyond - a dying, loss making business that got hold of Reddit's attention. 

The kid - who studies at the University of Southern California - bought a big stake when the stock was trading at $5.00, and sold it all once the stock jumped almost 6x to 28.02. 

He picked this stake up for almost $25mn after some disappointing earnings, which sent the stock tumbling. 

I doubt most 20-year-olds can cough up $25mn - but this guy managed to do it - and turned it into over $130m. 

Make hay while the sun shines. 🤷

4 - UAE's most valuable company wants to go ham on emerging markets. 🔥

The International Holding Company - UAE's most valuable public company - wants to invest up to $5bn into each healthy emerging market country. 

This includes countries like Indonesia, Colombia, Turkey and India.

CEO Syed Bashar Shueb said they're looking for "double-digit growth at a minimum." 

IHC's main goal is to diversify the UAE's economy, and they're doing it spectacularly well. 

They hold stakes in everything, from Elon Musk's SpaceX, to local fisheries in the region. 

Their shares have surged almost 130% this year, carrying the Abu Dhabi Index's 21% return, and putting it on the radar for everyone looking to invest in new markets. 

To the moon. 🚀

5 - Norway's sovereign wealth fund loses $174bn. 💀

The Government Pension fund of Norway - the largest sovereign wealth fund in the world, lost a staggering $174bn in the first half of 2022. 

That amounts to a loss of $11,053 every second.

Capital was lost on everything except energy holdings. 

Most of their investments (which are based in the Eurozone) are in trouble because of - - multi-decade high inflation- crumbling governments - gas prices surging ahead of winter- Russia's game of chess with energy supply- a full-blown War

Link to press release is here.

Stunning. 🥶

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. 

- A