Business & Finance Summary

TikTok has signed a deal to divest its U.S. entity to a joint venture controlled by American investors, marking the end of a yearslong saga regarding the platform's operations in the U.S. Meanwhile, the Bank of Japan raised its benchmark interest rates to the highest level in 30 years, pushing the 10-year Japanese Government Bond yield past 2%.

This move comes in response to rising inflation and a struggling economy in Japan, reflecting broader concerns about global economic stability. Additionally, the U.S. Senate confirmed Michael Selig as chairman of the Commodity Futures Trading Commission and Travis Hill as chairman of the Federal Deposit Insurance Corporation, which could affect regulatory dynamics in the financial sector.

In the U.K., retail sales unexpectedly dropped by 0.1% in November, indicating a subdued consumer mood amid economic challenges. Furthermore, China has reduced its U.S. Treasury holdings to the lowest level since 2008, signaling growing concerns about U.S. debt sustainability and the Federal Reserve's independence.

Investors are advised to approach U.S. inflation numbers cautiously as they may not reflect the complete economic picture.