Shares in CATL, the world’s largest maker of batteries for electric vehicles, jumped about 13% Tuesday in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest initial public offering this year.

Stocks rose in Europe and Asia while U.S. markets treaded water—or, rather, hovered just below the surface—as the ‘sell America’ trade kept going in a second day, although with less intensity. The big news was in Hong Kong,

Shares in Chinese battery giant Contemporary Amperex Technology soared almost 17% on their first trading day in Hong Kong as investors brushed off geopolitical concerns to pile onto the largest listing so far in 2025.