What we’re reading (4/14)
“Dow Sheds More Than 100 Points Friday, But Notches Fourth Straight Positive Week” (CNBC). “The Dow Jones Industrial Average fell Friday, but notched a positive week, as investors assessed a weak retail sales report that dented enthusiasm around a stronger-than-expected start to corporate earnings.”
“People Are Investing in Bonds Again—Once They Figure Them Out” (Wall Street Journal). “After more than a decade of uninspiring returns, bonds have started to pay out real money. Over the course of 2022, a 2-year Treasury note went from yielding less than 1% annually to more than 4%. Last September was the first time since 2007 when more than 85% of fixed-income assets paid out more than 4%, according to the asset-management firm BlackRock.”
“A Top Investor In Charles Schwab Sold Its Entire $1.4 Billion Stake As The Brokerage Fell Victim To The Banking Turmoil” (Insider). “Florida-based GQG Partners was among Schwab's top 15 shareholders until fears of the bank's unrealized losses on its bond portfolio alongside a run on deposits took hold.”
“In China, Young People Ditch Prestige Jobs for Manual Labor” (New York Times). “Ms. Liu is part of a phenomenon attracting growing attention in China: young people trading high-pressure, prestigious white-collar jobs for manual labor. The scale of the trend is hard to measure, but widely shared social media posts have documented a tech worker becoming a grocery store cashier; an accountant peddling street sausages; a content manager delivering takeout. On Xiaohongshu, an Instagram-like app, the hashtag ‘My first experience with physical labor’ has more than 28 million views.”
“Why European Stocks Are Crushing US Peers” (CNN Business). “On Friday the STOXX 50 index — which tracks Europe’s blue-chip firms — hit its highest level in 22 years. It has jumped 10.8% year-to-date. The region’s broader STOXX 600 index is up 9.9% so far this year. By comparison, the Dow Jones Industrial Average in the United States has climbed 2%. The broader S&P 500 is 7.5% higher.”
