Argentina leads the emerging markets ‘bloodbath’

January 24, 2014

The Argentine peso had a terrible day on Thursday, falling 11% against the dollar. It was the worst day since the country’s 2002 financial crisis. In fact, there’s a broader rout in emerging markets going on.

Economic mobility in America: relatively constant, but more consequential than ever

January 23, 2014

U.S. economic mobility — the chances of moving up or down the income scale — has been relatively unchanged over last 20 years. That’s the conclusion of a new study by a team of economists led by Harvard’s Raj Chetty, who find that “intergenerational mobility [has] remained extremely stable” for Americans born between 1971 and 1993. The NYT’s David Leonhardt explains:

Jeff Gundlach on the market’s extremely good, possibly unsustainable 2013

January 21, 2014

Jeff Gundlach, one of the market’s most well-known investors, is out with his predictions for 2014. “About everything that tends to characterize the vicinity of a top in the equity market seems to be in place. The stock market is at best fully valued, maybe a little over.” (Check out all of his charts here).

Our stunningly steady jobs recovery, in one chart

January 17, 2014

More people are quitting their jobs, and there are more open jobs than any time since 2008, according to data released by the Bureau of Labor Statistics on Friday. The Job Openings and Labor Turnover Survey (JOLTS), showed that in November, the number of quits increased from 2.38 million to 2.4 million, and the number of job openings rose slightly from 3.9 million to 4 million.

Morgan Stanley earnings fall — thanks to legal bills

January 17, 2014

Morgan Stanley reported earnings this morning, announcing that its quarterly profit fell to $192 million ( 7 cents per share) in the fourth quarter from $661 million (33 cents per share) in the same period of the previous year. The drop was largely due to some $1.2 billion in legal bills.

from Equals:

The depressing reason women are gaining labor market share

January 17, 2014

The mancession continues. What seems like a step forward for women in the workplace is actually bad for both genders*.

A roundup of bank earnings: trouble with fixed income

January 16, 2014

Goldman Sachs reported fourth quarter earnings of $2.33 billion on Thursday morning. Reuters reports that the result is a 21% drop from the same quarter in 2012,as “bank was stung by its heavy reliance on the bond market, which historically has been a source of great profit.” Fixed income, currencies and commodities revenues dropped 15% in the quarter.

Bank of America’s shrinking pool of bad loans

January 15, 2014

Bank of America is shaking off the financial crisis, Reuters reports this morning. After some $45 billion in writedowns related to its purchase of Countrywide in 2008, the bank’s mortgage losses are down 75% from a year earlier:

Suntory buys Jim Beam, by the numbers

January 15, 2014

Japan’s Suntory has announced that it will acquire Jim Beam for $13.6 billion in cash. Reuter’s reports that the acquisition will make Suntory the “third largest whiskey company and the fifth largest malt whiskey company by volume”.

JPMorgan’s fourth quarter earnings hit by Madoff settlements

January 14, 2014

JPMorgan reported its fourth quarter earnings this morning, beating expectations despite the numerous regulatory penalties, including settlements related to the Madoff case.