The day's events in the financial sector: highlights - Wednesday, 4:00 p.m. EST.

A disruption in China's economy has caused a $3 billion loss for HSBC Bank. The bank posted a quarterly loss after the valuation of its stake in Chinese bank Bank of Communications.

The U.S. Federal Reserve meeting showed concern over premature rate cuts. Last month, only two officials emphasized the risks of keeping rates high for a long time.

Cost resets are setting the stage for a resurgence of M&A in the software industry.

A Montenegrin court has commented that the founder of TerraUSD and Luna, Do Kwon, should be extradited to the US. A major quant fund in China has been suspended as regulators tighten controls on trading in the market.

CVC Capital Partners has raised $6.8 billion for its sixth Asian fund, which will be used to invest in the consumer goods and services sectors. National Australia Bank's first quarter results deteriorated.

Truist's deal to sell its insurance brokerage unit went better than expected. Deal time in the market comes as banks shore up their balance sheets ahead of a possible economic downturn and regulators propose higher capital requirements.