Happy weekend, Munchers!

Hope you've had a good week. Time to kick back and relax. 🙏

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 6 seconds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• The Nasdaq racked up it's longest losing streak since 2019.

• US jobs data came out - 315k added. Fed has a little cushion but a long way to go, so more hikes are on the way.

• Expectations for rate increases cooled a little too, with March 2023 expectations falling from 3.95% to 3.80%.

Story Roundup

1 - Russia cuts all gas flow to Europe. 💣

That's all, folks - no more Russian gas coming to Europe.

Russia's indefinitely suspended all gas flows to the EU - a move that's putting more pressure on European energy, which is already thinly spread.

This move came hours after the G7 countries said that they would be imposing a price cap on Russian oil exports in an attempt to lower Russian revenues.

Putin wasn't bluffing. The EU will have to play their cards wisely. ♠️

2 - India overtakes the UK. 🚀

Britain has dropped behind India to become the 6th largest economy.

This puts India into P5 - a testament to the growth of late.

The UK is grappling with the most violent inflation shock seen in centuries, forcing some recession risk on the horizon.

India's trajectory remains solid - the economy is projected to grow 7.7% this year.

Revenge szn? 😏

3 - Floods ravage Pakistani lives. 🌊

Pakistan has been witnessing the worst monsoon season eer.

Yesterday, Pakistan water levels clocked in at 5x the Asian average.

About 22,000 schools have been ruined and the current death toll lies at 1,200.

About 50 million people have been displaced. That's the entire population of the UK.

Prayers out to everyone affected. 🙏

4 - Apple notches record market share in US. 🍎

Apple's coming back in the US.

iPhone users make up just over 50% of all smartphone users in the US.

They just notched a record-high in market share, beating out Android and cementing their spot as the #1 phone producer in America.

Under Tim Cook, the iPhone became the heart of a universe that sprawled hundreds of other software and hardware products - becoming central to the life of every user.

Sticky business.

5 - Celsius might put some money back in clients' coffers

Bankrupt lender Celsius might be coming back with some good news.

Earlier this year, the crypto market downturn gave them a $2.8 billion hole in their balance sheet, and they ran away with millions from users.

Earlier yesterday however, their token CEL rallied almost 50%.

They've shown some willingness to return almost $50m - putting some well-needed confidence back in play.

It's definitely heating up for them.

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.

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Cheers.

- A