Global Layoffs Are Affecting The Investment Banking Sector In Asia| FXMAG.COM

In this article:
The Fed renewed investors' hopes
The long-awaited update of the Ethereum network in Shanghai

Employment has increased in many industries during the pandemic, but the situation has changed and many companies are announcing job cuts. Until now, mainly technology companies have significantly reduced employment, aloe has recently been joined by other industries such as banking.

The Fed renewed investors' hopes

Although inflation is slowing down, the fight against it continues. Banks around the world last year raised interest rates to record levels not seen since 2008. The actions of the Fed are attracting attention.

After the publication of inflation data and a series of other reports (GDP, PMI), the market expects that the Fed will decide to hike by 25 bp. Recently, Atlanta Federal Reserve Chairman Raphael Bostic told the media that he favors lower – and slower – rate hikes.

On top of that, the data suggests that the labor market, somewhat astonishingly, is still solid, which could prompt the Federal Reserve to raise rates when it meets later this month. Markets opened lower after this news.

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The situation of interest rates has an impact on the markets, especially currency, stocks and bonds.

US stocks rose on Thursday with all major indexes closing in the green.

A survey by the American Chamber of Commerce in China found that its members, for the first time in 25 years, do not consider China a top three investment priority. To boost sentiment, the Chinese government is courting potential investors and declaring a "Year of Investing in China".

CNBC Daily Open: Markets rallied as Fed official renewed investors' hope for 25 basis-point hike https://t.co/Q5Ofm9iGOl
— CNBC (@CNBC) March 3, 2023

The long-awaited update of the Ethereum network in Shanghai

The eagerly awaited Shanghai Ethereum update, which will enable the withdrawal of staked ETH, is likely to happen in the first two weeks of April.

Although the update was firmly scheduled for the March release, some Ethereum developers began to doubt it.

Ethereum developers now plan to launch the Goerli testnet, essentially a comprehensive update dress rehearsal, in Shanghai around March 14. About a month later, if all goes smoothly, the actual Shanghai software update will go live in mid-April.