What’s going on here?

Shares in US retailer Foot Locker sprinted up over 80% on Thursday, after Dick’s Sporting Goods – a major American sportswear chain – sneaked in with a $2.4 billion offer.

What does this mean?

Foot Locker’s stock was in the hurt locker this year, having fallen 40% prior to this news breaking. You can see why: the firm’s sales were stuttering, its turnaround plan had stalled, and then tariffs came along to complicate international shipping. But then Dick’s offered to buy Foot Locker for $24 a share – 86% higher than the stock was trading for on Wednesday. The acquisition would bring together two very different retailers: Foot Locker operates 2,400 mostly small stores globally, while Dick’s runs 800 big-box outlets across the US. So by shaking hands, Dick’s would secure a broader international – ahem – footprint, and potentially more negotiating power with top brands like Nike and Adidas. But investors don’t seem sold: they pushed Dick’s stock down over 10% after the news, likely concerned about the premium price or the deal’s logistics.

Why should I care?

Zooming in: The vultures are circling.

Retailers have been up against it this year. The “it” in question: consumers’ tighter purse strings, a result of low financial confidence. And that pressure will only grow as tariffs push prices up. As retailers’ sales have sunk, many of their share prices have too. That’s essentially made them weakened prey to strategic buyers, who circle at the sight of a discount.

For you personally: Britain’s out of fashion.

Speaking of discounts, take a look at JD Sports. The sportswear retailer might be listed in London, but it makes over half of its money from the US. And yet, JD’s stock trades at a much lower valuation than both Foot Locker’s and Dick’s. That’s a sign of how unloved the UK stock market is right now, despite many of the country’s firms doing business beyond Blighty’s borders.

What’s going on here?

The UK, Norway, and Switzerland all delivered better-than-expected economic performances, proving they don’t need sequins and backup dancers to dazzle a crowd.

What does this mean?

The British economy picked up by 0.7% last quarter, its fastest pace of growth in a year. That was mainly thanks to the services and construction sectors – along with a flurry of exports, as businesses rushed to ship stock stateside before tariffs took hold. Norway and Switzerland also handed in tidy numbers. Norway’s were a result of a successful fishing season, hardy retail sales, and a ton of hydroelectric power. (The country is Europe’s biggest producer of the renewable energy source.) And Switzerland revealed its biggest economic uptick in two years, with most of the country’s sectors pulling their weight. Together, that suggests Europe’s faring better than feared. But of course, ever-changing tariffs could easily hand it another stress test.

Why should I care?

For markets: Europe’s the tortoise to America’s hare.

Europe is heavy on dependable, steady industries (think financials, manufacturing, and transport), as opposed to the hot-to-touch tech firms that have fueled stateside rallies. So with the US throwing out mixed signals, Europe could offer investors a rare sense of calm. These stronger-than-expected economic releases could keep central banks from rushing interest rate cuts, which could support the region’s currencies. It helps, too, that Europe’s stocks are still trading for less than their US counterparts.

The bigger picture: Thanks for the present, I hate it.

Even with the recently agreed tariff reductions, China still has to cough up serious cash to send stock to the US. So Chinese firms are shipping more stuff to regions like Europe – and most of that stash will be cheaper than wares made locally. The good news: that could help keep European inflation at a manageable rate. The bad: it’ll make it harder for local producers to hang on to customers.