Facebook’s parent company Meta is facing a EUR 797.7 mn fine from the EU for allegedly stifling competition by linking its social network to its Marketplace service, the Financial Times reports. EU competition chief Margrethe Vestager said Meta “imposed unfair trading conditions” by giving Marketplace advantages that other classified ad providers couldn’t match, in a statement, in one of her final actions before stepping down.

Meta plans to appeal the verdict, arguing that Marketplace was created in response to user demand and that the EU’s decision overlooks market realities. The company pointed to rivals like eBay and France’s Leboncoin as strong competitors, and stated that there is “no evidence of competitive harm to rivals or any harm to consumers,” in a statement,

Meta’s been in hot water with the EU before: The EU launched an antitrust investigation in 2019 against Meta on claims from rivals that the tech giant was abusing its dominant position to offer complimentary services while profiting from ads. In December 2022, the European Commission issued charges against Facebook for using data collected without charge to sell ads.

The penalty is part of the EU’s broader regulatory push, which includes the Digital Markets Act aimed at curbing tech firms’ dominance.

Could it be short-lived? Observers suggest that the incoming European Commission — set to start its new term in weeks — may adopt a softer stance as political dynamics shift, with a possible Trump administration return in the US potentially influencing EU policy, the FT reports.

MARKETS THIS MORNING-

Most Asian markets are in the green, after Japan broke a streak of GDP declines with 0.3% GDP growth. Japan’s Nikkei was up 0.9% after the data was published, while the Topix was up 0.9%. In the red: South Korea’s Kospi and China’s Shenzhen.

Over on Wall Street, futures are lower amid uncertainty over the path for interest rates and as the postelection rally dies down.

ADX

9400

+0.3% (YTD: -1.9%)

DFM

4,729

-0.1% (YTD: +16.5%)

Nasdaq Dubai UAE20

3900

-0.5% (YTD: +1.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.6% o/n

4.4% 1 yr

TASI

11,791

-1.2% (YTD: -1.5%)

EGX30

31,462

+0.1% (YTD: +26.4%)

S&P 500

5,949

-0.6% (YTD: +34.2%)

FTSE 100

8,071

+0.5% (YTD: +12.7%)

Euro Stoxx 50

4,834

+2% (YTD: +16.3%)

Brent crude

USD 72.56

+0.4%

Natural gas (Nymex)

USD 2.76

-0.8%

Gold

USD 2,571.6

-0.1%

BTC

USD 87,950.8

-2.7% (YTD: +108.1%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 692.2 bn. The index is down 1.9% YTD.

In the green: National Cement Company (+14.8%), International Financial Advisors (+13.6%) and Emirates Investment Bank (+3.8%).

In the red: Takaful Emarat - Rights Issue 2024 (-9.6%), Al Salam Sudan (-4.4%) and Taaleem Holdings (-3.2%).

Over on the ADX, the index rose 0.3% on turnover of AED 2 bn. Meanwhile, Nasdaq Dubai closed down 0.5%.

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