U.S. corporate greed has gone too far, says Norway fund manager
“‘We think in particular in the U.S. the corporate greed has just gone too far.’” That’s the head of Norway’s $1.3 trillion sovereign wealth fund, speaking Wednesday in the ritzy Swiss ski community of Davos about how extravagant executive pay packages have gone too far. In his comments at this week’s World Economic Forum, Nicolai […]
Dow sheds nearly 400 points as U.S stocks finish mostly lower after Goldman Sachs, Morgan Stanley earnings
U.S. stocks ended mostly lower on Tuesday, with the Dow Jones Industrial Average snapping a four-day win streak after Goldman Sachs reported poor earnings results. The S&P 500 also ended lower, but the Nasdaq Composite eked out a gain as investors focused on whether the early 2023 rally has legs.How stocks traded The S&P 500 […]
Job openings data is missing a recent upturn in layoffs, Goldman economist says
The Labor Department’s job openings report may not be capturing a recent upturn in layoffs, according to new research from Goldman Sachs. Manuel Abecasis, a Goldman Sachs economist, looked at layoff notices filed under the Worker Adjustment and Retraining Notification Act, which require companies to notify state governments, and affected individuals, of plans to lay […]
Morgan Stanley cuts U.S. dollar forecasts lower
The U.S. dollar is going to drop further, Morgan Stanley strategists said over the weekend as they became more optimistic about the global economy. They now see the DXY dollar index DXY, +0.20% ending the year at 98, from a previous forecast of 104. They see the euro EURUSD, -0.19% climbing to $1.15, vs. a […]
World’s 1% captured almost two-thirds of new wealth created in two years: report
For every dollar of new global wealth earned by a person in the bottom 90% during the first two years of the COVID-19 pandemic, a billionaire got $1.7 million, according to a new analysis from the anti-poverty group Oxfam.That means that even in an era marked by the pandemic, nearly 15 million excess deaths and […]
Former FTX US head denies participation in fraud involving the company
Brett Harrison, former head of the U.S. arm of FTX, distanced himself from the crypto exchange co-founded by Sam Bankman-Fried, which filed for bankruptcy back in November. Harrison, who resigned as FTX US’s president in September, wrote about his experience with the company in a 49-part Twitter thread published Tuesday. Harrison had rarely made any […]
Where do things stand with student loans? Here are answers to 5 common questions.
From repayment policy changes to a sweeping one-time debt forgiveness plan, 2022 proved to be a high-profile year for student loans. But questions have clouded the student loan announcements, and answers are few and far between. We don’t yet know how, when or if some of these changes will take form. As 2023 dawns, here are […]
The Fed has won its ‘war’ against inflation, says JPMorgan analyst. And now it needs to stop hiking interest rates.
“‘This is a war that [the Federal Reserve has] won, and now they are in danger of tipping the economy into recession and making the fiscal problem worse, so I wish they would be done.’” — David Kelly, JPMorgan Chase & Co. A top global markets strategist for JPMorgan Chase & Co.’s asset-management business said […]
BlackRock Profit Falls 23%: WSJ
The money-management firm’s assets under management increased to $8.6 trillion after three quarters of declines. Source link
Tesla is a ‘soft-landing’ stock, says Goldman Sachs. Here are its picks for a gentle slide as well as a rough landing.
Pour one out for the beleaguered economists, who for once got an important indicator, the consumer price index, right on the nose, after CPI fell 0.1% in December, while core prices rose 0.3%. “The 2021 surge in durable goods demand normalized, and the resulting collapse in durable goods price inflation was stunningly fast,” says Paul […]