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Illustration: Eniola Odetunde/Axios

This week is expected to be the busiest for U.S. IPOs since February, with Warner Music leading a group of four companies that could raise over $3 billion.

Why it matters: This shouldn't be happening, under any traditional rubric for how markets work.

What's happening: American passions over race and policing are inflamed, with many neighborhoods literally in flames.

  • Over 104,000 Americans are dead from the ongoing pandemic, with infection rates rising in several large states.
  • Tens of millions of Americans are unemployed.
  • And, just for good measure, China is threatening to renege on part of the phase one trade deal.

Yet, stocks opened flat, prompting Axios Markets editor Dion Rabouin to declare: "Not even God himself could sink this market rally."

  • And, again, there's no indication that bankers are reconsidering the week's IPO slate, which in addition to Warner Music includes Legend Biotech, Pliant Therapeutics, and ZoomInfo.
  • Economists often warn not to conflate stock market moves with real-time economic realities, but this decoupling feels extreme.

If you know what's coming next, or even have a strong sense of it, you're lying to yourself.

Go deeper

Aug 18, 2020 - World

Trade is now the relative bright spot in U.S.-China relations

Illustration: Eniola Odetunde/Axios

Trade is the last major area where the U.S. is still relying on traditional diplomacy to work through problems with China.

Why it matters: U.S.-China relations are at their lowest point in decades, as both sides have taken an increasingly harder line over Hong Kong, Xinjiang, the South China Sea and other issues. The desire to keep the trade deal alive seems to be keeping the relationship from unraveling entirely.

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 14 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.