The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
See which stocks are posting big moves after the bell on July 22.Market Insiderread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
The deal could be announced as soon as next week, according to the report.Technologyread more
Former NFL offensive lineman Jeff Hatch, who had previously been candid about his own struggles with opioid addiction and substance abuse, pleaded guilty Friday to a drug...Politicsread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
T-Mobile is choosing to move ahead with a merger with Sprint even though it will prop up Dish Network as a new, possibly disruptive fourth U.S. wireless competitor.Technologyread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
Stocks have surged globally this year as the specter of macro risks receded, but next year, shares will need to work for their gains, Nomura said.
"The gradual decline of macro/systemic risks (and of investor risk aversion) since mid-2012 has enabled equity managers to capture substantial value as price-to-earnings-ratio multiples expanded. But much of that process has now played out," Nomura said in a report on its outlook for 2014.
"From here, equities will increasingly require more of a straightforward growth rationale for upside, rather than systemic-risk compression."
It advises honing in on "robust earnings stories," rather than worrying about the "worst-case permutations" of macro risk events, noting several risk episodes this year, such as the Cyprus banking failure and the U.S. government shutdown, passed without too much market drama. "Very few developments from here are likely to rise to the level of true systemic contagion threats."
So where should investors hunt for the earnings?
Not the U.S., Nomura said. While consensus expectations are for S&P 500 earnings per share, or EPS, to rise 10.9 percent to US$120.40 in 2014, "this outlook strikes us as somewhat optimistic," the report said, noting it assumes U.S. sales growth will rise more than economic growth and contains an "overly generous" expectation margins will continue to expand in every sector.
"U.S. businesses already implemented any 'low-hanging' cost reductions during their aggressive global financial crisis-era belt-tightening – leaving fewer internal efficiencies to be realized now," it said, adding capital and labor costs are also set to rise, constraining margin upside.
Nomura expects the S&P 500's EPS will rise 5.6 percent to $112.50, compared with its 2013 forecast of $106.50. It sets an end-2014 S&P 500 target of 1925 and rates the U.S. market at Underweight. The index closed Tuesday down 0.2 percent at 1767.69.
(Read more: Stand by…a hefty drop's on the way: Nomura's Janjuah)
Nomura is positive on Japan's earnings, rating the market Overweight and expecting its recurring earnings to grow 28 percent through the March 31 end of its fiscal year, before settling at a more mundane 10 percent growth in the following fiscal year. It forecasts a calendar 2014 EPS growth of 19 percent and sets an end-2014 Topix index target of 1500. The Topix is currently trading around 1205.
Developed continental Europe is also in the early stages of a margin and earnings rebound, Nomura said, rating it Overweight. It expects pan-European corporate earnings will rise 14 percent next year.
Asia ex-Japan is Nomura's only emerging market Overweight, but it noted it expects the region's forecast 15 percent EPS growth in 2014 will be concentrated in the export-intensive segments exposed to developed markets. Nomura has a cautious view of Chinese economic growth and it expects the U.S. dollar to appreciate, leading it to rate developed Asia-ex Japan, or Australia, Hong Kong and Singapore Underweight.
(Read more: Big money turning sights outside the US in 2014)
"The improving global trend growth (led by developed markets) is likely to be the greatest driver of Asia-Pacific ex-Japan earnings and equity prices over the next 12-24 months. This should flow through not only into regional consumption demand but also capex," with cyclical countries and sectors set to benefit, it said.
It expects Asia-Pacific ex-Japan to see 12 percent earnings growth in 2014 as a whole, with emerging-market Asia's earnings to rise 15 percent, while developed Asia ex-Japan, will see only 9 percent growth.
It is Underweight on Latin America and the Eastern Europe, Middle East and Africa, or EEMEA, regions. It only expects 5 percent earnings growth in the EEMEA region and 11 percent from Latin America.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter