OKX and Intercontinental Exchange (ICE) built a tokenized stock market and invited 62 companies to list on it. All but six said no.

Specifically, every issuer without a crypto tie has objected, leaving a roster of Coinbase (COIN), Robinhood (HOOD), Circle (CRCL), Strategy (MSTR), and two others.

The SEC gave companies a veto over tokenized listings. The companies used it… with extreme prejudice.

The pitch was 24/7 trading and instant settlement. That might sound like a feature to the marketing team, but to a CFO picturing their stock's liquidity at 3 AM on a Saturday? Not so much.

Now we have a tokenized stock market where the only stocks are crypto stocks. A crypto exchange by any other name is just as degenerate.

— Brooks & The Street Sheet Team

What: China built roughly twice the car factories it needs, and the overflow is now everyone else's problem. We’ve seen 10M Chinese vehicle exports this year, up from 1M in 2020. The glut at home has become a price war abroad, and the US is the last big market still behind a wall.

Why: Tariffs on Chinese vehicles run near 100%, the Commerce Department bans Chinese software, and US airbag rules add cost. Europe has no such wall: Chinese share of its market went from zero in 2020 to 10% in 2025, Porsche's (DRPRY) China sales fell by a third in the first half, and Volkswagen (VWAGY) took a $7B write-off.

What Else: The humbling part is quality, not price. Xiaomi's (XIACY) SU7 does zero to 60 in 2.5 seconds for $45K, less than half a Porsche Taycan, and Xiaomi now outsells Ford (F) in China. The winners aren't winning either: the five largest Chinese automakers are worth $130B combined, roughly what Ford and General Motors (GM) fetch together.

Watch: Ford's $30K electric truck lands in 2027, GM's cheaper fourth-generation EVs in 2028. Until then GM is buying its own stock, with $11B of expected 2027 free cash flow enough to retire about 130M shares. The cheapest car plant in America is the one GM already owns.

What: Every bond selloff produces a fresh obituary for the 60-40 portfolio. Every stock selloff quietly retracts it. On Thursday, we saw that pattern play out again: the Nasdaq Composite fell 5.5% and Treasury yields hit their lowest levels in almost two months. The hedge still works, it just costs more than it did in September.

Why: Two-year yields were near 5% in late September and now sit under 4.5%, with the 10-year roughly a half point off its 5.3% high. Higher-for-longer interest rate expectations built the spike, but December hike odds fell from above 80% to about 70% on CME's (CME) FedWatch after Thursday. A slower AI build-out means less long-dated supply and less of the cost pressure that came with it.

What Else: Treasurys also beat the corporate alternative right now. The MOVE index jumped and stayed there, which often precedes wider credit spreads, and hyperscaler and data-center debt is a growing share of new issuance. Over the past month high-grade corporates trailed Treasurys despite yielding about a point more, per ICE BofA, while the S&P 500 lost around 5% and the ICE BofA Treasury index gained close to 3%, per FactSet (FDS).

Watch: The Fed's December meeting, and whether the AI unwind takes the hike off the table. The 10-year was under 4% fewer than nine months ago. Locking in September's yields may no longer be on offer, but locking in an appealing hedge still is.

What: The canned cocktail in your cooler was probably made by a brewer, and the liquor giants are only now noticing. Ready-to-drink cocktails (RTDS) went from 4% of US alcohol volume in 2019 to 10% today, per Bernstein, while Diageo (DEO) and Pernod Ricard (PRNDY) sat it out. The only growth in American drinking is happening in a format they don't make.

Why: Per-capita US alcohol consumption sits at a 60-year low, so the one growing format matters. Pernod's US business shrank 10% last quarter and Diageo says Casamigos is losing North American share. Both trade at valuations last seen after 2008 and have lost over half their value in five years, while AB InBev (BUD), with 18% of spirits-based RTD volume, is up nearly 40%.

What Else: RTDs are canned, shipped, and drunk like beer, with shorter shelf lives and faster turns, and distillers own bottling lines, not canneries. Boston Beer (SAM) is so deep in cans that just 15% of its volume is traditional beer. Diageo's bet that legacy labels carry the category isn't landing: spirits-brand RTDs hold under 5% share, per Bernstein, and scratch-built names like Gallo's High Noon win.

Watch: Pernod and Diageo's next quarterly updates, and whether the RTD line finally moves after category value sales rose 28% in the year through Oct 17, per NielsenIQ. Diageo launched Smirnoff Ice two decades ago and still sells $500M of it a year. This was never a trend they missed. It was one they shelved.