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UK.

Good morning from the Financial Times. Today is Wednesday, May 21st, and this is your FT News briefing.

Investors are shunning U.S. equities, and Hong Kong Stock Exchange can now claim the biggest IPO of the year.

Plus, some Western countries are pressuring Israel to end its new Gaza offensive.

But...

Only one foreign power matters, and that's the United States, especially under this current U.S. president.

I'm Sonia Hudson, and here's the news you need to start your day.

More European and Asian investors are saying bye-bye to the U.S.

They've pumped record amounts of money into global equity funds that exclude the U.S. market.

This uptick happened after U.S. President Donald Trump returned to the White House. And most of the inflows came in the U.S. market. This uptick happened after U.S. President Donald Trump returned to the White House,

and most of the inflows came in the past three months. This is a big reversal for these types of funds. They've been unpopular for years, because Wall Street has experienced a huge rally for most

of the past decade. But now, investors are worried that Trump's tariffs could cause more harm to the U.S.

itself than to other major markets.

The most hotly anticipated IPO of the year lived up to its hype. CATL, the Chinese battery

maker, had an absolute banger of a first day on the market. It surged 16% in its Hong Kong debut.

Arjun Neil Allum is our Asia Financial correspondent and has been following CATL's listing.

Hi, Arjun.

...