Nissan and Honda officially begin merger talks which will create the world’s third largest automaker with ¥30tn in sales. Volkswagen shares are flat despite the German giant reaching an agreement with labour unions over annual cuts of €4bn and averting further strikes. In insurance news, Aviva is to buy up rival Direct Line in a deal worth £3.7bn. The deal will make it the largest home and car insurer in the UK. U.S. futures are up at the start of holiday-shortened week while President-elect Donald Trump threatens to seek American ownership of the Panama Canal over ‘ridiculous’ shipping fees.   

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