The IPO market in the first six months of this year may resemble H1 2024 by certain measures, as deal volume was largely the same.

Yet a closer look at the two first-half periods looked different in other important ways. For one, total IPO proceeds came in at $61.4 billion, a 17% YoY uptick. But the market showed that larger shifts were afoot.

Thanks to external forces such as “trade tariff effects, policy decisions, and investor risk appetite,” IPO activity momentum varied based on region, according to EY’s latest Global IPO Trends report.

“The realignment of the IPO market across regions and sectors reflects a deeper shift in global capital flows and investor sentiment,” George Chan, global IPO leader at EY, said in the report. “As markets recalibrate in real time, robust IPO readiness will be essential for companies to navigate short-term volatility while aligning their IPO strategies with long-term macro trends.”

What’s the state of global IPO activity?—AZ

Accountants across the globe are feeling better than they did a few months ago, but their confidence “is still at a low level by historical standards,” the latest Global Economic Conditions Survey from ACCA and IMA found.

Sentiment among 420 global respondents ticked up 10 points in the Q2 confidence index from the Q1 survey, which had the lowest score since Q2 2020. Still, accountants’ confidence was down from Q2 2024.

Confidence grew in Q2 among accountants in North America, the Middle East, Africa, and Europe, while in South Asia and the Asia Pacific region, their confidence declined. North American confidence rebounded after a significant drop in Q1 due to tariffs and cuts to government spending.

Geopolitical instability, inflation, and regulatory and compliance risks made up respondents’ top three risk priorities in Q2.

Click here for more on how accountants are feeling globally.—AZ

If the Oscars tell us the best movies of the year, there’s always the Razzies to honor the worst. And if earnings reports can tell us who’s winning amidst a global trade war, they can also tell us who’s losing.

Enter a new loser in the tariff saga: General Motors, which reported a $1.1 billion hit from tariffs in the latest quarter. Yes, billion. That sent GM’s profit plummeting in Q2 by more than a third.

In May, GM lowered its full-year profit guidance, saying it expected to face from $4 billion to $5 billion in tariff-related costs over the course of the year. In its latest earnings report, the company affirmed its guidance, but said it anticipates a larger tariff hit in Q3 than in the latest quarter “due to timing of indirect tariff costs.”

For Q2, profit came in at $1.9 billion, declining from $2.9 billion in Q2 2024.

Despite the apparent doom and gloom, General Motors stressed that it was “making solid progress” toward its goal of mitigating “at least 30%” of the tariff impact “through manufacturing adjustments, targeted cost initiatives, and consistent pricing.”

What’s GM’s plan for dealing with tariffs?—NP