A Nike retailer in Hanoi, Vietnam, on July 3, 2025.
Nhac Nguyen | Afp | Getty Photographs
If I had to decide on between having a job and paying much less for Nike sneakers, you’d see me working barefoot to the workplace. Wednesday’s market strikes, nonetheless, urged that Wall Road most well-liked the cheaper sneakers.
The U.S. economic system misplaced non-public sector jobs in June, the primary time hiring had contracted since March 2023, in accordance with payrolls processing agency ADP. It is much more startling as a result of a Dow Jones survey of economists had pegged job numbers to increase by 100,000.
In the meantime, U.S. President Donald Trump introduced on his social media web site Reality Social that the nation had made a commerce cope with Vietnam, during which the Southeast Asian nation will face a 20% responsibility on imports to America. Meaning corporations that rely closely on Vietnam for manufacturing, reminiscent of Nike, Crocs and Lululemon, will face much less onerous prices and won’t hike costs as a lot, in contrast with the unique tariff charge of 46%.
After weighing each items of stories, traders determined the excellent news was extra necessary and lifted the S&P 500 to a brand new closing excessive. Granted, the ADP report has had a spotty observe report in predicting the official job figures from the U.S. Bureau of Labor Statistics. However it’s nonetheless value fascinated with how that is an indication monetary markets could possibly be barely disconnected from the actual economic system: Who can afford to purchase sneakers and pump up shares if they do not have jobs?
What you want to know immediately
And at last…
The CATL itemizing ceremony on the Hong Kong Inventory Alternate on Might 20, 2025.
Paul Yeung | Bloomberg | Getty Photographs
Hong Kong’s IPO market is on fire — here’s what’s fueling the surge
New itemizing volumes on the Hong Kong Inventory Alternate jumped round eight occasions to $14 billion within the first half of this 12 months, from simply $1.8 billion in the identical interval in 2024, in accordance with Dealogic.
That places the town on observe to turn into the world’s largest itemizing vacation spot this 12 months, surpassing the Nasdaq and the New York Inventory Alternate. PwC projected up to 100 IPOs in Hong Kong this 12 months, with whole fundraising to exceed $25.5 billion.
— Anniek Bao