Markets are wobbling under new tariffs and weak jobs data. Meanwhile crypto rules are shifting fast, and regulatory tailwinds are blowing across Hong Kong.

President Trump unveiled sweeping new import tariffs on dozens of trading partners today, reigniting concerns of economic slowdown. The U.S. Labor Department meanwhile reported just 73,000 new jobs added in July, a sharp miss, and revised prior months down by a combined 258,000. The S&P posted its biggest single-day drop in over three months, and technology stocks led the declines.

Hong Kong stock exchanges saw massive equity raises, over $1.5B, by fintech firms preparing to launch stablecoin licenses. The region’s regulator launches its digital token license regime today, but warned of “frothiness” among speculative issuers. The rush underscores global appetite for regulated crypto hubs.

Markets are suddenly under pressure on trade and hiring woes. But regulation is aligning, and that may be the setup investors need. Crypto futures look brighter in Asia, while U.S. markets caution the rest of the world to tread carefully.