Weekend roundup

Here’s what you missed while you were living your best life:

• 🛑 House Shoots Down Shutdown Plan
  The House overwhelmingly rejected a Trump-backed proposal to fund the government and suspend the debt ceiling, with Democrats and dozens of Republicans refusing to cave to his last-minute demands. The failed vote left Speaker Mike Johnson scrambling for alternatives ahead of Friday’s midnight deadline, exposing deep fractures as Trump and Elon Musk publicly railed against bipartisan efforts.

• 🌍 UK Economy Stalls Out
  Zero growth. That’s the UK’s latest GDP report, as inflation and weak business investment drag on recovery hopes. Economists are bracing for more of the same, with fears that prolonged stagnation could leave the country lagging behind global peers.

• 🎉 Teen Drug Use Plummets
  Teen drug use is dropping fast, and no one’s entirely sure why—but it’s a win. Experts think rising awareness, better education, and shifting cultural norms might drive the decline, sparking hope for healthier habits in the next generation.

Featured weekend story

TikTok's Tightrope: Banned in Albania, Given a Lifeline in the U.S.

Albania has officially banned TikTok for one year, citing concerns over the app's role in inciting violence among youth. This decisive action follows the tragic stabbing of a 14-year-old boy in November, an incident reportedly sparked by a social media dispute. Prime Minister Edi Rama emphasized that the ban is a carefully considered decision made in consultation with parents and educators nationwide.

In contrast, former U.S. President Donald Trump, who previously advocated for a nationwide TikTok ban, has softened his stance. He now suggests the app might "stick around for a little while," highlighting the platform's complex position in global politics and society.

Albania's move underscores the growing unease about social media's influence on youth behavior. While TikTok has rapidly become a formidable competitor to platforms like Meta and X, concerns about its impact on children's safety and well-being are prompting countries to take action. The future of TikTok is uncertain, but it seems likely that the Chinese-based ByteDance parent company’s struggle with legislators is just beginning.

What to watch this week

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 🎄 Holiday Schedule Alert
  The U.S. markets will close early at 1 PM on Christmas Eve (Dec. 24) and remain closed all day on Dec. 25 for Christmas. Plan your trades accordingly as the week wraps up early with lower-than-usual volume expected.

• 💸 Euro Slips While Dollar Stays Strong
  The euro edged lower as the U.S. dollar held near a two-year high, buoyed by steady inflation data and a resilient U.S. economy. The greenback's strength puts added pressure on global currencies, signaling continued challenges for exporters reliant on a weaker dollar.

• 📉 Deloitte UK Tightens Its Belt. Facing a slowdown in consulting demand, Deloitte UK is scaling back spending as economic uncertainty weighs on the professional services sector. The shift reflects the mounting challenges Big Four firms face in navigating shrinking budgets and cautious clients.

Off-balance sheet items

Here’s what we’re reading this week:

• Party City’s Final Curtain. Party City is closing all its remaining stores after years of falling sales and increasing debt, marking the end of an era for the party-supply giant as online competitors and inflation take their toll..

• Tiny Home Heist. A California couple’s 300-square-foot tiny home was stolen and later abandoned, raising eyebrows—and questions—about theft prevention for these portable abodes.

• Mastodon Jaw Drops in New York. A fossil collector uncovered a 12,000-year-old mastodon jawbone in a dried riverbed, offering a rare peek into Ice Age life in North America

Chart of the week

The bottom line

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