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Good morning and welcome to FirstFT. Here’s what’s on today’s news agenda:
China’s battery leader CATL surges on debut after biggest listing of 2025
Donald Trump’s “big, beautiful” tax bill heightens concerns over US debt
Poland’s stock market emerges as one of the world’s top-performing bourses
The market value of Chinese battery maker CATL, already the world’s largest listing of the year so far, just got a lot bigger as shares soared more than 16 per cent on their first trading day in Hong Kong.
What happened: The secondary offering raised at least $4.6bn, with the amount set to rise to $5.3bn if an option allowing underwriters to sell more shares than planned is exercised. It is among the largest offerings in Hong Kong by Chinese companies already listed on the mainland in recent years, with CATL also quoted in Shenzhen. CATL founder Robin Zeng, who banged a gong to celebrate the start of trading at the Hong Kong stock exchange, said the company was not satisfied with being “just a battery component manufacturer” and was poised to be the “pioneer” of the zero-carbon economy.
Why it matters: CATL accounts for about 37 per cent of the world’s EV and energy storage battery markets. A supplier to Tesla, BMW and Volkswagen, the cash-rich company had sought an offshore listing to raise non-renminbi funding for its overseas expansion, notably a $7.3bn factory in Hungary. The listing had the support of American banks, while a US asset management firm was a key investor, despite the geopolitical tensions swirling around the deal. In January, the battery maker was added to a Pentagon blacklist of companies believed to have ties to the Chinese military, although it has denied any such links.
Here’s what else we’re keeping tabs on today:
Economic data: Germany issues April producer price index inflation rate data while Canada gives its monthly cost of living update using the consumer price index measure.
High-level meetings: G7 finance ministers and central bankers are in Canada for a three-day gathering. In Brussels, Kaja Kallas, the EU high representative for foreign affairs and security policy, chairs a meeting with the bloc’s foreign and defence ministers.
Companies: Google holds its annual developer event in California, where it is expected to unveil new products. Shell holds its annual meeting and Home Depot reports first-quarter numbers. See our Week Ahead newsletter for the full list.
Join us for a subscriber-only webinar on May 28 for insights into the most consequential geopolitical rivalry of our time: the US-China showdown. Register now and put questions to our panel.
Five more top stories
1. Donald Trump leaves Russia and Ukraine to settle war in talks The US president has claimed that Russia and Ukraine will “immediately” begin negotiations on preparations for peace talks, but signalled that he was leaving Moscow and Kyiv to find a deal without the US as a broker.
2. Poland’s stock market has emerged as one of the world’s top-performing bourses this year, up more than 28 per cent year to date. The rally has been helped by the country’s relatively insulated position from the global trade war and an expected boost from neighbouring Germany’s fiscal “bazooka”. Here’s what analysts are saying.
3. The value of French grocer Casino’s debt has slumped to deeply distressed levels, with traders now quoting a €1.4bn secured loan at 61 cents on the euro. The deep discount to face value suggests lenders are braced for the prospect of steep losses as fears grow that continued weak earnings could trigger a breach of its loan covenants next year.
4. Donald Trump’s “big, beautiful” tax bill heightens concerns over US public debt, sparking alarm among investors and fuelling questions over how long the world will finance Washington’s largesse.
5. Benjamin Netanyahu said Israel planned to take over all of Gaza as the country escalated its offensive in the war-torn enclave. The Israeli military yesterday told all residents of the southern city of Khan Younis to leave, demanding they move west to the so-called Al-Mawasi “humanitarian zone” ahead of what it called an “unprecedented attack” on the city.
Visual story
A rapidly ageing population and growing numbers of patients with chronic illnesses are placing ever greater demands on an already overstretched NHS. The UK government’s promised 10-year health plan aims to fix this, with ministers arguing that the answer lies in better use of technology and data in the world’s largest publicly funded health service.
We’re also reading . . .
Chart of the day
While markets cheered Donald Trump’s deal with China, big US retailers are warning of higher prices later this year across a spectrum of goods, and small business owners say sales are already down as the chaos of “liberation day” creates a “ripple effect”. Will the US president’s tariff climbdown save the US from recession?
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Take a break from the news
Today’s recommended read poses an important question: do you let your dog sleep on your bed? For Hannah Shuckburgh, the answer is yes, and she explores why dogs make such wonderful bedfellows.
Additional contributions by Camille De Guzman and Benjamin Wilhelm
