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European stocks bounced around Monday while US equities shook off early weakness to push higher as investors waited to see if a so-called Santa Claus rally sweeps over the market.Global stock markets had a tumultuous time last week, spiraling lower after the US Federal Reserve signaled fewer interest rate cuts than had been expected for 2025.But it ended on a positive note as traders welcomed below-forecast US inflation data that raised hopes about the health of the world’s biggest economy.That helped Asian markets move higher on Monday, but the positive trend faltered in Europe and stumbled initially in the United States.”Another up leg in US yields not only put pressure on stock indices but also drove the greenback higher,” said IG analyst Axel Rudolph.But after a sluggish start, US stocks rose progressively in a quiet session with analysts pointing to low pre-holiday trading volumes.”Stocks didn’t really have any direction in the morning, then we got this tech rally that just sort of drifted higher all day,” said Steve Sosnick of Interactive Brokers.Analysts view elevated Treasury bond yields as a threat to year-end gains in an historically strong period of the calendar.Known as a Santa Claus rally, there are various explanations for the phenomenon including seasonal optimism and end-of-year tax considerations. But there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.”The initial response to the US election was positive as investors focused on the obvious tailwinds to profitability: lower corporate tax rates and less regulation,” said Ronald Temple, chief market strategist at Lazard. “However, I expect much more dispersion within the equity market when the reality of a much-less-friendly trade environment sets in.”In Europe, the FTSE 100 moved higher as the pound slid following data that showed that the UK economy stagnated in the third quarter, revised down from initial estimates of 0.1 percent growth. Official data out of Spain on Monday showed that the Spanish economy grew 0.8 percent in the third quarter as domestic consumption and exports increased, comfortably outstripping the European Union average.In company news, shares in crisis-hit German auto giant Volkswagen lost more than three percent on the back of news Friday that it plans to axe 35,000 jobs by 2030 in a drastic cost-cutting plan.Shares in Japanese auto giant Honda rose over three percent after it announced Monday an agreement to launch merger talks with struggling compatriot Nissan that could create the world’s third largest automaker.- Key figures around 2130 GMT -New York – Dow: UP 0.2 percent at 42,906.95 (close)New York – S&P 500: UP 0.7 percent at 5,974.89 (close)New York – Nasdaq Composite: UP 1.0 percent at 19,764.89 (close)London – FTSE 100: UP 0.2 percent at 8,102.72 (close)Paris – CAC 40: FLAT at 7,272.32 (close)Frankfurt – DAX: DOWN 0.2 percent at 19,848.77 (close)Tokyo – Nikkei 225: UP 1.2 percent at 39,161.34 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,883.13 (close)Shanghai – Composite: DOWN 0.5 percent at 3,351.26 (close)Euro/dollar: DOWN at $1.0408 from $1.0430 on FridayPound/dollar: DOWN at $1.2531 from $1.2570Dollar/yen: UP at 157.14 yen from 156.31 yen Euro/pound: UP at 83.03 pence from 82.97 penceWest Texas Intermediate: DOWN 0.3 percent at $69.24 per barrelBrent North Sea Crude: DOWN 0.4 percent at $72.63 per barrelburs-jmb/jgc

President-elect Donald Trump’s repeated support for TikTok has sparked speculation about potential solutions to prevent the app’s impending ban in the United States, though the path forward remains unclear.”We got to keep this sucker around for a little while,” Trump told supporters on Sunday, just days after meeting with TikTok CEO Shou Zi Chew in Florida.Trump, who credits the wildly popular platform with delivering him a large young user base, opposes banning TikTok partly because he believes it would primarily benefit Meta, the Mark Zuckerberg-led company behind Instagram and Facebook.The situation is complex, according to University of Richmond School of Law professor Carl Tobias, given the various potential solutions and Trump’s unpredictable nature.Congress overwhelmingly passed legislation, signed by President Joe Biden in April, that would block TikTok from US app stores and web hosting services unless Beijing-based ByteDance sells its stake by January 19.US officials and lawmakers grew wary of the potential for the Chinese government to influence ByteDance or access the data of TikTok’s American users.Even with Trump’s decisive election victory and incoming Republican-led Congress, acquiescing to the president-elect’s desire and preventing the ban faces significant hurdles. The law enjoyed rare bipartisan support in a divided Washington, making its outright repeal through a vote in Congress politically unlikely even with Trump’s influence over Republicans.The Supreme Court may offer the clearest path forward. TikTok has appealed to the nation’s highest court, arguing the law violates First Amendment rights to free speech.The court, which is dominated by Trump-aligned conservatives, will hear the case on January 10, just nine days before the ban takes effect. This follows a lower appeals court’s unanimous decision to uphold the law in December.Another possibility, according to Tobias, is that a Trump-led Department of Justice could determine ByteDance has addressed the law’s national security concerns. However, such a move would likely be seen as caving to China by Congress and others.The final option is ByteDance selling to a non-Chinese buyer, though the company has consistently refused this possibility.With 170 million monthly active users, acquiring TikTok’s US operations would require substantial resources. As president, Trump could extend the ban deadline by 90 days to facilitate a transaction.- ‘Deal of the Century’ -Few potential buyers have emerged, with major tech companies likely deterred by antitrust concerns.Former Trump Treasury secretary Steve Mnuchin, who runs a private equity fund backed by Japan’s SoftBank Group and Abu Dhabi’s Mubadala sovereign wealth fund, has expressed interest.During a recent event with Trump, SoftBank CEO Masayoshi Son pledged to invest $100 billion in the US economy, though specific investments weren’t detailed.Other contenders include US real estate billionaire Frank McCourt, who aims to make social media safer through his Project Liberty organization. Elon Musk, given his proximity to Trump and ownership of X, could also have a role to play, as he has expressed plans to transform the text-focused platform into something more like TikTok.A senior Republican lawmaker recently suggested Trump might orchestrate a “deal of the century” satisfying both US concerns and ByteDance’s interests. The chairman of the US House committee on China, John Moolenaar, told Fox News Digital that once ByteDance accepts it must comply with US law, the situation could progress rapidly.Any agreement would need Beijing’s approval, with US-China relations expected to remain tense during Trump’s upcoming term.This isn’t the first attempt to resolve TikTok’s US status. In 2020, Trump also threatened a ban unless ByteDance sold its US operations.While Oracle and Walmart reached a preliminary agreement with ByteDance for ownership stakes, legal challenges and the transition to the Biden administration prevented the deal’s completion.

European and US stocks bounced around Monday as investors waited to see if a so-called Santa Claus rally sweeps over the market.Global stock markets had a tumultuous time last week, spiralling lower after the US Federal Reserve signalled fewer interest rate cuts than had been expected for 2025.But it ended on a positive note as traders welcomed below-forecast US inflation data that raised hopes about the health of the world’s biggest economy.US inflation data for November came in lower than expected, providing some optimism that policymakers were winning the battle against rising prices and would have room to keep cutting rates.That helped Asian markets move higher on Monday, but the positive trend faltered in Europe and the United States.”Another up leg in US yields not only put pressure on stock indices but also drove the greenback higher,” said IG analyst Axel Rudolph.But Briefing.com analyst Patrick O’Hare said many expect a rebound this week.”That expectation is rooted in the understanding that the last five trading days of the year and the first two trading days of the new year are typically accented with a positive bias,” he said.Known as a Santa Claus rally, there are various explanations for the phenomenon including seasonal optimism and end-of-year tax considerations. Sentiment was boosted by news that US lawmakers had reached a deal over the weekend to avert a Christmas-time government shutdown.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.”The initial response to the US election was positive as investors focused on the obvious tailwinds to profitability: lower corporate tax rates and less regulation,” said Ronald Temple, chief market strategist at Lazard. “However, I expect much more dispersion within the equity market when the reality of a much-less-friendly trade environment sets in.”In Europe, the FTSE 100 moved higher as the pound slid following data that showed that the UK economy stagnated in the third quarter, revised down from initial estimates of 0.1 percent growth. “The economy stood still between July and September, and that was before the budget cast another chill, and caused output to shrink in October,” said Susannah Streeter, head of money and markets at Hargreaves. Official data out of Spain on Monday showed that the Spanish economy grew 0.8 percent in the third quarter as domestic consumption and exports increased, comfortably outstripping the European Union average.In company news, shares in crisis-hit German auto giant Volkswagen lost more than three percent on the back of news Friday that it plans to axe 35,000 jobs by 2030 in a drastic cost-cutting plan.Shares in Japanese auto giant Honda rose over three percent after it announced Monday an agreement to launch merger talks with struggling compatriot Nissan that could create the world’s third largest automaker.- Key figures around 1630 GMT -New York – Dow: DOWN 0.5 percent at 42,632.25 pointsNew York – S&P 500: FLAT at 5,932.07New York – Nasdaq Composite: UP 0.4 percent at 19,647.60London – FTSE 100: UP 0.2 percent at 8,102.72 (close)Paris – CAC 40: FLAT at 7,272.32 (close)Frankfurt – DAX: DOWN 0.2 percent at 19,848.77 (close)Tokyo – Nikkei 225: UP 1.2 percent at 39,161.34 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,883.13 (close)Shanghai – Composite: DOWN 0.5 percent at 3,351.26 (close)Euro/dollar: DOWN at $1.0400 from $1.0431 on FridayPound/dollar: DOWN at $1.2515 from $1.2567Dollar/yen: UP at 157.17 yen from 156.45 yen Euro/pound: UP at 83.09 pence from 82.98 penceWest Texas Intermediate: DOWN 1.0 percent at $68.79 per barrelBrent North Sea Crude: DOWN 1.1 percent at $72.11 per barrelburs-rl/

Global stocks mostly moved higher Monday as investors waited to see if a so-called Santa Claus rally sweeps over the market.Global stock markets had a tumultuous time last week, spiralling lower after the US Federal Reserve signalled fewer interest rate cuts than had been expected for 2025.But it ended on a positive note as traders welcomed below-forecast US inflation data that raised hopes about the health of the world’s biggest economy.US inflation data for November came in lower than expected, providing some optimism that policymakers were winning the battle against rising prices and would have room to keep cutting rates.That helped Asian markets move higher on Monday, but European markets wobbled, while Wall Street was mixed at the open of trading.”This week is expected by many to be a rebound week,” said Briefing.com analyst Patrick O’Hare.”That expectation is rooted in the understanding that the last five trading days of the year and the first two trading days of the new year are typically accented with a positive bias,” he added.Known as a Santa Claus rally, there are various explanations for the phenomenon including seasonal optimism and end-of-year tax considerations. Sentiment was boosted by news that US lawmakers had reached a deal over the weekend to avert a Christmas-time government shutdown.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.”The initial response to the US election was positive as investors focused on the obvious tailwinds to profitability: lower corporate tax rates and less regulation,” said Ronald Temple, chief market strategist at Lazard. “However, I expect much more dispersion within the equity market when the reality of a much-less-friendly trade environment sets in.”In Europe, the FTSE 100 moved higher as the pound slid following data that showed that the UK economy stagnated in the third quarter, revised down from initial estimates of 0.1 percent growth. “The economy stood still between July and September, and that was before the budget cast another chill, and caused output to shrink in October,” said Susannah Streeter, head of money and markets at Hargreaves. Official data out of Spain on Monday showed that the Spanish economy grew 0.8 percent in the third quarter as domestic consumption and exports increased, comfortably outstripping the European Union average.In company news, shares in crisis-hit German auto giant Volkswagen lost more than four percent on the back of news Friday that it plans to axe 35,000 jobs by 2030 in a drastic cost-cutting plan.Shares in Japanese auto giant Honda rose over three percent after it announced Monday an agreement to launch merger talks with struggling compatriot Nissan that could create the world’s third largest automaker.- Key figures around 1430 GMT -New York – Dow: DOWN 0.1 percent at 42,786.80 pointsNew York – S&P 500: UP 0.2 percent at 5,941.59New York – Nasdaq Composite: UP 0.5 percent at 19,659.50London – FTSE 100: UP 0.3 percent at 8,104.86 Paris – CAC 40: FLAT at 7,273.45Frankfurt – DAX: FLAT at 19,880.03Tokyo – Nikkei 225: UP 1.2 percent at 39,161.34 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,883.13 (close)Shanghai – Composite: DOWN 0.5 percent at 3,351.26 (close)Euro/dollar: DOWN at $1.0402 from $1.0431 on FridayPound/dollar: DOWN at $1.2532 from $1.2567Dollar/yen: UP at 157.08 yen from 156.45 yen Euro/pound: UP at 83.01 pence from 82.98 penceWest Texas Intermediate: DOWN 0.2 percent at $69.30 per barrelBrent North Sea Crude: DOWN 0.4 percent at $72.68 per barrelburs-rl/gv

Global stock markets mostly edged higher on Monday as traders welcomed below-forecast US inflation data that raised hopes about the health of the world’s biggest economy.A holiday-thinned week got off to a healthy start after last week’s sell-off sparked by the US central bank signalling fewer interest rate cuts than had been expected for 2025. Asian markets followed a strong lead from Wall Street, which rebounded on Friday on the inflation datat, with Tokyo and Hong Kong in the green. Shanghai was the sole decliner.European markets struggled for direction, with London edging up and Paris and Frankfurt remaining flat.Sharp losses last week were pared back after US inflation data for November came in lower than expected, providing some optimism that policymakers were winning the battle against prices and would have room to keep cutting rates.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.”The initial response to the US election was positive as investors focused on the obvious tailwinds to profitability: lower corporate tax rates and less regulation,” said Ronald Temple, chief market strategist at Lazard. “However, I expect much more dispersion within the equity market when the reality of a much-less-friendly trade environment sets in.”Investors were also cheered by news that US lawmakers had reached a deal to avert a Christmastime government shutdown following marathon talks on Friday.In the UK, the government was dealt a fresh blow after official data showed that the economy stagnated in the third quarter, revised down from inital estimates of 0.1 percent growth. “The economy stood still between July and September, and that was before the budget cast another chill, and caused output to shrink in October,” said Susannah Streeter, head of money and markets at Hargreaves. Official data out of Spain on Monday showed that the Spanish economy grew 0.8 percent in the third quarter as domestic consumption and exports increased, comfortably outstripping the European Union average.In company news, shares in crisis-hit German auto giant Volkswagen lost around two percent on the back of news Friday that it plans to axe 35,000 jobs by 2030 in a drastic cost-cutting plan.Shares in Japanese auto giant Honda rose over three percent after it announced Monday an agreement to launch merger talks with struggling compatriot Nissan that could create the world’s third largest automaker.- Key figures around 1100 GMT -London – FTSE 100: UP 0.1 percent at 8,090.68 pointsParis – CAC 40: FLAT at 7,274.85Frankfurt – DAX: FLAT at 19,881.63Tokyo – Nikkei 225: UP 1.2 percent at 39,161.34 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,883.13 (close)Shanghai – Composite: DOWN 0.5 percent at 3,351.26 (close)New York – Dow: UP 1.2 percent at 42,840.26 (close)Euro/dollar: DOWN at $1.0395 from $1.0431 on FridayPound/dollar: DOWN at $1.2543 from $1.2567Dollar/yen: UP at 156.79 yen from 156.45 yen Euro/pound: DOWN at 82.83 pence from 82.98 penceWest Texas Intermediate: DOWN 0.4 percent at $69.20 per barrelBrent North Sea Crude: DOWN 0.4 percent at $72.66 per barrel

Japanese auto giant Honda and its struggling rival Nissan agreed Monday to launch talks on a merger seen as a bid to catch up with Chinese rivals and Tesla on electric vehicles.Their collaboration would create the world’s third largest automaker, expanding development of EVs and self-driving tech.But Honda’s CEO insisted that it was not a bailout for Nissan, who last month announced thousands of job cuts and reported a 93 percent plunge in first-half net profit.”This is not a rescue,” Toshihiro Mibe told reporters, stressing that one condition for the merger would be for Nissan to complete its so-called “turnaround” plan.Lacklustre consumer spending and stiff competition in several markets is making life hard for many automakers.Business has been especially tough for foreign brands in China, where electric vehicle manufacturers such as BYD are leading the way as demand grows for less polluting vehicles.The two firms along with Mitsubishi Motors said they had signed a memorandum of understanding to start discussions on integrating their business under a new holding company.Citing “dramatic changes in the environment surrounding both companies and the automotive industry”, a joint statement said the companies planned to list the holding company on the Tokyo Stock Exchange in August 2026.It comes after reports said Taiwanese electronics behemoth Foxconn had unsuccessfully approached Nissan to acquire a majority share. It then asked Renault to sell its 35 percent stake in Nissan — a pursuit now said to have been put on hold.- Unequal marriage -China overtook Japan as the biggest vehicle exporter last year, helped by government support for EVs.Honda and Nissan — Japan’s number two and three automakers after Toyota — already agreed in March to explore a strategic partnership on software and components for EVs among other technologies.This partnership was joined by Mitsubishi Motors in August.The companies want to seal their merger deal in June next year, but it is unlikely to be a marriage of equals.Honda will nominate the president of the new holding company, whose board will be mostly made up of Honda executives, their statement said.Nissan is a majority shareholder of Mitsubishi Motors, which “aims to reach its conclusion by the end of January 2025 on the participation or involvement in the business integration between Nissan and Honda,” it added.Honda and Nissan’s partnership could include a manufacturing tie-up where they build vehicles at each other’s plants, local media said.- ‘Panic mode’ -Nissan chief Makoto Uchida praised Honda’s agility and ability to adapt as the industry shifts, praising the company as “a partner who can share the sense of crisis about the future”.”As the business environment for automakers changes in the future, I believe we will not be able to get there unless we have the courage to change ourselves,” Uchida said.Nissan has weathered a turbulent decade, including the 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan concealed in a music equipment box.Ghosn told reporters in Tokyo on Monday via video link from Lebanon, where he is at large, that turning to its arch-rival Honda showed that Nissan was in “panic mode”.Although the two companies might be able to “find synergies for the future… I don’t see anything obvious into this partnership or this alliance”, Ghosn said. 

Asian markets rose Monday after big gains on Wall Street, with traders welcoming below-forecast US inflation data that tempered worries that the Federal Reserve will take a more hawkish tone with interest rates next year.A holiday-thinned week got off to a healthy start after last week’s sell-off sparked by the US central bank’s outlook that suggested officials will not lower borrowing costs as much as previously hoped over the next 12 months. Sharp losses in reaction to the forecasts were pared after data showed the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, came in at 2.4 percent on-year in November.While the reading was up slightly from October, it was lower than expected, providing some optimism that policymakers were winning the battle against prices and would have room to keep cutting rates.The figures led to a pullback in US Treasury bond yields that had jumped last week to their highest levels since May, helped by comments from Chicago Fed chief Austan Goolsbee, who expressed confidence that inflation was returning to the bank’s two percent target.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.Ronald Temple, chief market strategist at Lazard, said in a commentary: “The initial response to the US election was positive as investors focused on the obvious tailwinds to profitability: lower corporate tax rates and less regulation. “However, I expect much more dispersion within the equity market when the reality of a much-less-friendly trade environment sets in.”All three main indexes in New York ended more than one percent higher.Asia followed suit, with Tokyo, Hong Kong, Sydney, Singapore, Seoul, Taipei, Mumbai, Bangkok and Manila all in the green. Shanghai was the sole decliner.London, Frankfurt and Paris were all lower in early European trade.The dollar also held losses suffered in the wake of the PCE data, with the yen, pound and euro all stronger than Thursday.Investors were also cheered by news that US lawmakers had reached a deal to avert a Christmastime government shutdown following marathon talks on Friday.The last-minute scramble came after Trump and billionaire Elon Musk pressured Republicans to abandon an earlier bipartisan funding compromise. Lawmakers then spent several days trying to hammer out another deal, with massive halts to government services hanging in the balance.Non-essential operations would have ground to a halt if no deal had been struck, with up to 875,000 workers furloughed and 1.4 million more required to work without pay.”This agreement represents a compromise, which means neither side got everything it wanted,” President Joe Biden said on signing the bill on Saturday.”But it rejects the accelerated pathway to a tax cut for billionaires that Republicans sought.”- Key figures around 0900 GMT -Tokyo – Nikkei 225: UP 1.2 percent at 39,161.34 (close)Hong Kong – Hang Seng Index: UP 0.8 percent at 19,883.13 (close)Shanghai – Composite: DOWN 0.5 percent at 3,351.26 (close)London – FTSE 100: DOWN 0.2 percent at 8,065.68Euro/dollar: DOWN at $1.0419 from $1.0431 on FridayPound/dollar: UP at $1.2576 from $1.2567Dollar/yen: UP at 156.52 yen from 156.45 yen Euro/pound: DOWN at 82.85 pence from 82.98 penceWest Texas Intermediate: UP 0.5 percent at $69.78 per barrelBrent North Sea Crude: UP 0.4 percent at $73.24 per barrelNew York – Dow: UP 1.2 percent at 42,840.26 (close)London – FTSE 100: DOWN 0.3 percent at 8,084.61 (close)

Honda and Nissan were poised Monday to announce the start of talks on a merger to help the Japanese giants catch up with Chinese rivals and Tesla on electric vehicles.Their collaboration would create the world’s third largest automaker, expanding development of EVs and self-driving tech while coming to the rescue of struggling Nissan.The pair have not released any details publicly but it was widely reported in Japanese media that they would sign a memorandum of understanding on Monday afternoon.Honda and Nissan — Japan’s number two and three automakers after Toyota — are aiming to finalise a merger deal in June 2025, several media outlets said.Mitsubishi Motors, which could join the new holding company early next year, is also expected to take part in Monday’s announcement, after Honda and Nissan hold board meetings.In the morning, the presidents of Honda, Nissan and Mitsubishi Motors told the industry and transport ministries of their plan to start negotiations, Kyodo News reported.Honda and Nissan’s partnership could include a manufacturing tie-up where they build vehicles at each other’s plants, Kyodo said, citing sources close to the matter.Lacklustre consumer spending and stiff competition in several markets is making life hard for many automakers.Business has been especially tough for foreign brands in China, where electric vehicle manufacturers such as BYD are leading the way as demand grows for less polluting vehicles.China overtook Japan as the biggest vehicle exporter last year, helped by government support for EVs.”We hope Japanese companies will take steps to respond to these changes and take measures to survive and win amid international competition,” top government spokesman Yoshimasa Hayashi said Monday.He declined to comment on the merger reports but highlighted the “importance of strengthening competitiveness in areas such as… batteries and in-vehicle software”.Debt-laden Nissan last month announced thousands of job cuts as it reported a 93 percent plunge in first-half net profit, making a merger with Honda welcome news.But Taiwanese electronics manufacturer Foxconn has also reportedly sensed an opportunity.Foxconn, which builds devices for tech companies including Apple’s iPhones, first unsuccessfully approached Nissan with a bid to acquire a majority stake, according to Bloomberg.Then a Taiwanese media outlet said Foxconn’s Jun Seki — a former Nissan executive — had visited France to ask Renault to sell its 35 percent share of Nissan, although reports later said this pursuit had been put on pause.Honda and Nissan had already agreed in March to explore a strategic partnership on software and components for EVs among other technologies.This partnership was joined in August by Mitsubishi Motors, of which Nissan is a majority shareholder.Nissan has weathered a turbulent decade, including the 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan concealed in a music equipment box.Kyodo said that Honda would ask Nissan to achieve a “V-shaped recovery” in performance as a condition for the merger.

Social media users in Vietnam on platforms including Facebook and TikTok will need to verify their identities as part of strict new internet regulations that critics say further undermine freedom of expression in the communist country.The law, which comes into force on Christmas Day, will compel tech giants operating in Vietnam to store user data, provide it to authorities on request, and remove content the government regards as “illegal” within 24 hours.Decree 147, as it is known, builds on a 2018 cybersecurity law that was sharply criticised by the United States, European Union and internet freedom advocates who said it mimics China’s repressive censorship of the internet.Vietnam’s hardline administration generally moves swiftly to stamp out dissent and arrest critics, especially those who find an audience on social media.In October, blogger Duong Van Thai — who had almost 120,000 followers on YouTube, where he regularly recorded livestreams critical of the government — was jailed for 12 years on charges of publishing anti-state information. Months earlier, leading independent journalist Huy Duc, the author of one of the most popular blogs in Vietnam — which took aim at the government on issues including media control and corruption — was arrested.His posts “violated interests of the state”, authorities said.Critics say that decree 147 will also expose dissidents who post anonymously to the risk of arrest.”Many people work quietly but effectively in advancing the universal values of human rights,” Ho Chi Minh City-based blogger and rights activist Nguyen Hoang Vi told AFP.She warned that the new decree “may encourage self-censorship, where people avoid expressing dissenting views to protect their safety — ultimately harming the overall development of democratic values” in the country.Le Quang Tu Do, of the Ministry of Information and Communications (MIC), told state media that decree 147 would “regulate behaviour in order to maintain social order, national security, and national sovereignty in cyberspace”.- Game over -Aside from the ramifications for social media firms, the new laws also include curbs on gaming for under-18s, designed to prevent addiction.Game publishers are expected to enforce a time limit of an hour per game session and not more than 180 minutes a day for all games.Nguyen Minh Hieu, a 17-year-old high school student in Hanoi who admits he’s addicted to gaming, told AFP that the new restrictions would be “really tough” to follow — and to enforce.Games are “designed to be addictive” he said. “We often spend hours and hours playing match after match.” Just over half of Vietnam’s 100 million population regularly plays such games, says data research firm Newzoo.A large proportion of the population is also on social media, with the MIC estimating the country has around 65 million Facebook users, 60 million on YouTube and 20 million on TikTok.Under the new laws, these tech titans — along with all “foreign organisations, enterprises and individuals” — must verify users’ accounts via their phone numbers or Vietnamese identification numbers, and store that information alongside their full name and date of birth.They should provide it on demand to the MIC or the powerful ministry of public security.The decree also says that only verified accounts can livestream, impacting the exploding number of people earning a living through social commerce on sites such as TikTok.Neither Facebook parent company Meta, YouTube owner Google, nor TikTok replied to requests for comment from AFP.Human Rights Watch is calling on the government to repeal the “draconian” new decree, which the campaign group said threatens access to information and freedom of expression.”Vietnam’s new Decree 147 and its other cybersecurity laws neither protect the public from any genuine security concerns nor respect fundamental human rights,” said Patricia Gossman, its associate Asia director. “Because the Vietnamese police treat any criticism of the Communist Party of Vietnam as a national security matter, this decree will provide them with yet another tool to suppress dissent.”

Asian markets rose Monday after big gains on Wall Street, with traders welcoming below-forecast US inflation data that tempered worries that the Federal Reserve will take a more hawkish tone with interest rates next year.A holiday-thinned week got off to a healthy start after last week’s sell-off sparked by the US central bank’s outlook that suggested officials will not lower borrowing costs as much as previously hoped over the next 12 months.Sharp losses in reaction to the forecasts were pared after data showed the personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation, came in at 2.4 percent on-year in November.While the reading was up slightly from October, it was lower than expected, providing some optimism that policymakers were winning the battle against prices and would have room to keep cutting rates.The figures led to a pullback in US Treasury bond yields that had jumped last week to their highest levels since May, helped by comments from Chicago Fed chief Austan Goolsbee, who expressed confidence that inflation was returning to the bank’s two percent target.Still, there remains some trepidation among investors as Donald Trump prepares to return to the White House, pledging to cut taxes, slash regulations and impose tariffs on imports, which some economists warn could reignite inflation.All three main indexes in New York ended more than one percent higher.Asia followed suit, with Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei and Manila all in the green.The dollar also held losses suffered in the wake of the PCE data, with the yen, pound and euro all stronger than Thursday.Investors were also cheered by news that US lawmakers had reached a deal to avert a Christmastime government shutdown following marathon talks on Friday.The last-minute scramble came after Trump and billionaire Elon Musk pressured Republicans to abandon an earlier bipartisan funding compromise. Lawmakers then spent several days trying to hammer out another deal, with massive halts to government services hanging in the balance.Non-essential operations would have ground to a halt if no deal had been struck, with up to 875,000 workers furloughed and 1.4 million more required to work without pay.”This agreement represents a compromise, which means neither side got everything it wanted,” President Joe Biden said on signing the bill on Saturday.”But it rejects the accelerated pathway to a tax cut for billionaires that Republicans sought.”- Key figures around 0200 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 39,075.07Hong Kong – Hang Seng Index: UP 0.4 percent at 19,790.67Shanghai – Composite: UP 0.1 percent at 3,372.40Euro/dollar: UP at $1.0438 from $1.0431 on FridayPound/dollar: UP at $1.2581 from $1.2567Dollar/yen: UP at 156.47 yen from 156.45 yen Euro/pound: DOWN at 82.95 pence from 82.98 penceWest Texas Intermediate: UP 0.5 percent at $69.78 per barrelBrent North Sea Crude: UP 0.4 percent at $73.21 per barrelNew York – Dow: UP 1.2 percent at 42,840.26 (close)London – FTSE 100: DOWN 0.3 percent at 8,084.61 (close)