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What's in the bill? While the full text of the final version hasn't been released, it's being aimed at online fraud, information theft and data collection by domestic technology giants. Remember that Beijing is expected to maintain broad access to data despite the sweeping legislation, which will take effect on November 1. Over the past year, China has cracked down heavily on its tech sector in areas including data security and anti-competitive practices, as well as gaming and fintech.
Analysts at Morgan Stanley are worried about the latest developments, issuing a warning about accelerating redemptions in Chinese equity funds. The recent falls for domestic tech groups could worsen if investors pick up the pace of their withdrawals, "causing additional difficulties in recapturing substantial inflows in the short term."
Crackdowns everywhere: Earlier this week China's market regulator issued fresh draft rules at stopping unfair competition on the Internet, while DiDi Global (DIDI) plunged yesterday on potential regulations that would ensure the rights of ride-hailing and trucking platform drivers. Separately, healthcare stocks tumbled on Friday after the People's Daily called for greater regulation of prescriptions filled using online platforms, while liquor makers sold off as well. Local news outlet Caijing reported on a regulatory meeting about policing the industry due to a culture of heavy post-work drinking. (47 comments)
In Europe, at midday, London -0.2%. Paris -0.3%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.5%. S&P -0.5%. Nasdaq -0.4%. Crude -0.2% at $63.36. Gold flat at $1783.80. Bitcoin -5.2% at $47201.
Ten-year Treasury Yield flat at 1.23%
Tesla (NASDAQ:TSLA) pulls a humanoid robot out of its hat at AI event.
Facebook (NASDAQ:FB) faces new FTC antitrust complaint after earlier dismissal.
J&J (NYSE:JNJ) CEO plans to cede position to his deputy in 2022.
Coinbase (NASDAQ:COIN) scooping up crypto for its balance sheet.
'We couldn't be further away from a bubble' - Cathie Wood.
Jessica Alba's Honest Company (HNST) sinks to post-IPO low.
Adobe (NASDAQ:ADBE) buying video-collaboration company Frame.io for $1.3B.
Dr. Anthony Fauci doubts ongoing COVID boosters will be necessary.
Texas Supreme Court to temporarily keep school mask mandates in place.


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