The Dow slumps nearly 500 points, after stronger than expected services data stokes fears the Federal Reserve may continue hiking rates until it triggers a recession. Tesla shares reverse even as the carmaker denies reports its planning to slash its Model-Y production at its Shanghai factory, after reporting record Chinese sales in November. Beijing officials continue to ease Covid restrictions amid a report China could announce ten new easing measures as soon as tomorrow, after last month's historic demonstrations. And Italy's Finance Minister adds to the chorus of calls for a European response to America's Inflation Reduction Act.

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