For any country, it would be a financial emergency. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world's wealth. It wasn't just about a bank. Switzerland itself needed rescuing.
This is why stocks tumbled after Fed's Powell signaled only one more rate hike in 2023
Investors got the "dovish" rate hike that they had been hoping for on Wednesday.
But why did the Dow Jones Industrial Average DJIA fall more than 500 points after Federal Reserve Chairman Jerome Powell hiked rates by 25 basis points and signaled that only one more hike would follow?
Macron Proposes Bonus for Workers in Bid to Calm Pension Protests
PARIS-President Emmanuel Macron stood by his overhaul of France's pension system on Wednesday but proposed several measures for workers-including bonus payments for employees of companies that buy back shares-in a bid to calm an escalating protest movement against his government.
In his first public remarks since pushing through the overhaul last week without a vote in Parliament, Mr. Macron said the law and its centerpiece, raising the retirement age from 62 to 64 by 2030, were needed to fix a pension system that would become unaffordable in a matter of years. He said he wanted the law's provisions to enter into force by the end of this year, defying polls that show the public is largely opposed to the overhaul.
SEC Plans Lawsuit Against Coinbase, According to Exchange
The Securities and Exchange Commission has told Coinbase Global Inc. that it plans to take enforcement action against the company, escalating its crackdown on digital-currency firms by targeting the biggest U.S. crypto exchange, Coinbase said Wednesday.
Coinbase said it had received a letter from the SEC known as a Wells notice, in which regulators say they believe companies or individuals violated investor-protection laws. The notices aren't final because the agency's commissioners must authorize any lawsuits or enforcement settlements.
China Evergrande Reaches Debt-Restructuring Deal With Bondholders
China Evergrande Group has reached an agreement with its offshore debtholders under which the property developer will issue new bonds and equity-linked products.
Binding agreements have been entered into with bondholders, including for $19.15 billion of notes the company had previously issued, Evergrande said late Wednesday.
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Expected Major Events for Thursday
07:00/DEN: Mar Consumer expectations
08:00/SPN: Jan Industrial Orders & Turnover
08:30/SWI: Swiss National Bank monetary policy assessment
09:00/POL: Feb Unemployment
09:00/NOR: Norges Bank monetary policy decision and presentation of Monetary Policy Report
10:00/LUX: 4Q Balance of Payments
11:00/TUR: Turkish interest rate decision
12:00/UK: Agents' Summary of Business Conditions
12:00/UK: UK interest rate decision
15:00/EU: Mar FCCI Flash Consumer Confidence Indicator
15:59/GRE: Jan Balance of Payments
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
03-23-23 0114ET
