Friday, July 6, 2012

Judge orders JPM to explain withholding emails

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

JPM. A U.S. judge has ordered JPMorgan Chase & Co. to explain why it should not be forced to turn over internal e-mails as part of a probe into whether it manipulated electricity markets in California and the Midwest, Reuters reports. The bank has until July 13 to submit an explanation as to why the court should not enforce a subpoena from the Federal Energy Regulatory Commission.

Central banks. Global stock markets fell on Thursday despite actions by central banks to shore up major economies, CNBC writes. That suggests there isn't much policymakers can to do stem what some are calling a "global synchronized slowdown."

Economic struggles. U.S. employers added just 80,000 jobs in June, the latest month of weak hiring, driving stock futures down this morning. Meanwhile, while the U.S. unemployment rate remained flat at 8.2 percent in June, a broader measure, which counts underemployed workers, rose to 14.9 percent, the Wall Street Journal reports.

Barclays. A Bloomberg opinion piece poses the question: if Barclays would lie about its borrowing costs, what else would it lie about? The question comes after an interest rate-rigging scandal that has sapped the British bank's credibility and torn through its top ranks.