Scoreboard: Earnings drag

Wall Street retreated overnight on disappointing earnings, while the Australian dollar slipped to a three-year low on the back of weak jobs data.

Stocks were off on both side of the Atlantic overnight, on a combination of disappointing corporate earnings and perhaps some profit taking. It wasn’t really as if there was much bad news out and about. Sure, those earnings – from Goldman Sachs, Citi, Best Buy and so forth – weren’t great, but the general macro flow was still pretty good. New jobless claims, for instance, were low again in the week to January 11 at 326k from 328k.

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