Wall Street Breakfast Podcast: Liability Sparks Downgrades

California wildfire legislation sharply increases liability risk for utilities such as PG&E and Edison International, driving major selloffs in their shares as investors reprice potential damages. Separately, fast-fashion retailer Shein’s long-awaited IPO has not met expectations, with the stock sliding in Hong Kong after listing. Net effect: risk-off sentiment toward regulated utility exposure and a weaker initial reception for Shein’s debut.