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As Switzerland’s vote slows population growth, should US policymakers prioritize American workers by limiting H-1B visas and foreign workers?
• Yes (relieve pressure on the housing market and protect American wages)
• No (it will stifle innovation, hurt GDP growth, and hurt the portfolio)
Click here to take the survey and don’t forget to share your thoughts in the WSB comments section.
Hello! Here’s the latest trending:
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The answer comes from Powell: The credibility of the Federal Reserve is at risk if presidents fire officials.
In just over two weeks, Switzerland will hold a referendum that could completely reshape its economy. Citizens will decide whether to cooperate with 10M nationals amid concerns over overcrowding and rising anti-immigrant sentiment across Europe. It’s a big deal, since Switzerland already has more than 9.1M citizens, which means that current migration will need to be halved in the coming decades.
For or against: The “No to 10 million” immigration plan was presented by the Swiss People’s Party, although support so far seems to be divided among the population. Supporters of the move say Switzerland has reached capacity, fragile infrastructure and housing, congested roads and trains, and a social security system. Those who oppose this move say that this country has handled the immigrants well, which has led to the integration, growth and success of the nation.
Many business executives are alarmed, as the plan will also prevent highly skilled workers from being employed in the country (not just asylum seekers or refugees). Example: In Zurich, Alphabet (GOOGL) employs more than 5,000 foreign workers from 85 countries, while well-known drug manufacturer Roche (RHHBY) employs thousands of workers at its Basel/Kaiseraugst campus from more than 100 countries. “Switzerland cannot meet the demand for bright minds alone,” Roche Chairman Severin Schwan said earlier this year. “It’s important to keep the borders open for top talent.”
EU risk: A fixed number of permanent residents, whether a citizen or a foreigner, contradicts the basic principle of free movement within the European Single Market. That would lead to the disintegration of the EU, which is Switzerland’s biggest trading partner and biggest export destination. It will not be easy to risk access to the $23T economy and its 450M consumers, and may lead to renegotiation or termination of bilateral agreements. Take the WSB survey.
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Today’s Markets
in Asia, Japan +0.9%. Hong Kong +0.9%. China -0.3%. India -0.7%.
In Europe, during the day, London -0.1%. Paris +0.1%. Frankfurt +0.4%.
Next at 6:30, Dow +0.4%. S&P +0.2%. Nasdaq +0.3%. They are green +3.6% today we are at 90.54 $. Gold -1.3% at $4,531.30. Bitcoin -1.6% to $72,523.
Ten Year Treasury Yield +2 bps to 4.47%.
In the calendar
Companies reporting today include Credo (CRDO) and Hewlett Packard Enterprise (HPE).
See the full earnings calendar at Seeking Alpha, as well as today’s economic calendar.
