Happy morning, Munchers! 🙏

Hope your week got off to a good start.

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 57 seconds.

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Indian stocks ended higher, led by metals and banking stocks.

• The British Pound hit it's lowest level in decades as Liz Truss took the office of PM.

• 1 Euro is now 99 US cents. That's it. 💀

Story Roundup

1 - Liz Truss wins bruising battle for helm of the UK. ⚖️

10 Downing Street is the official residence of the UK's prime minister.

Later today, Liz Truss will be making her way there to take up that very role. She beat rival Rishi Sunak by 81,326 votes to 60,399 votes - a 58/42 margin.

Her first order will be passing a GBP 100bn package to relieve some of the stress that businesses and households are facing.

She vowed to "keep energy bills under GBP 2,000 a year".

Let's see where this one goes. 🚀

2 - OPEC+ agrees on supply cut to boost oil prices. 🛢️

In a move that defies Western governments, OPEC+ agreed to cut supply to prop up oil prices. 

They'll cut oil supply by 100,000 barrels a day starting from October.

This reverses the earlier increase in oil supply - which was decided after a meeting and a fist-bump between Joe Biden and Mohammed bin-Salman.

Russia wants to make the West pay for it's alienation - what better way than to put some pressure on oil markets? ⛽

3 - Porsche's goin' public. 🏎️

One of Germany's largest IPOs is in the pipeline. 

Starting October, you might be able to buy shares in prized carmaker Porsche.

They'll be putting up about 12.5% of the company on the markets, of which 2.5% will be bought by the Qatar Investment Authority.

Porsche is the most profitable of Volkswagen's 10 businesses - and is making some pretty big waves in the EV market.

Current valuation seems to be floating between EUR 60bn - EUR 85bn. 

Zoom. 🔥

4 - Dubai's selling 20% of it's toll collection system. 🚗

Dubai's third privatization of the year is here. 

The government is selling 20% of it's flagship road-toll collection system Salik.

This is gonna do two things. 

1 - Boost trading volumes on local exchanges.Dubai-based exchanges need to catch up with their Saudi and Abu-Dhabi neighbours, which means that they need more volume. 

2 - Raise about $1 billion for the government.Salik is a necessity, not a want. About 60% of commuters in Dubai use private vehicles, and you can't not use the roads. Which means a lot of cash flow, that's relatively stable.

Cash cow szn.🤷

5 - CCI gives the green light for BillDesk's $4.7b buyout. 💸

After a year of waiting, India's Competition Commission has cleared PayU's $4.7bn acquisition of BillDesk. 

The detailed audit of the deal is still awaited, but the initial go-ahead has been given.

It's the second largest buyout for the Indian internet industry - and involves two of India's largest fintech players.

PayU now wants to jump onto consumers, businesses and even the government - offering one of the best payments platforms there is. 

Cash or credit? 💳

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