Two Reasons Behind Uber's Smile On Monday

The Telegraph reports that China's Uber Technologies (NYSE:UBER) counterpart DiDi Global Inc (NYSE:DIDI) has shelved its U.K. launch ambitions for at least a year.
Didi scrapped its Britain and continental Europe launch over China's data privacy crackdown. The launch implied personal, and location data transfer to China and the government.
Didi sought relief from the U.K. and Europe's stricter data protection laws. It already had its share of trouble following China's crackdown.
Didi's pullback in a significant Uber market gives the U.S. ride-hailing company another sigh of relief after a possible stay order on California's Proposition 22, the state's gig worker law.
Price Action: UBER shares closed higher by 2.63% at $41, and DIDI shares closed higher by 3.35% at $7.72 on Monday.

Benzinga