Benzinga | Aug 23, 2021 05:26PM EDT

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.