Archive - Nov 24, 2015 - Story

Futures tumble and bond yields slide following news that Turkish F-16s have taken down a Russian Su-24 fighter jet near the Syria border. Russia confirms its plane was downed but claims the plane was over Syrian territory for the entire flight.

A month ago the US economy was said to have grown only 1.5%, driven by a long-overdue and perhaps welcome correction to inventories. Moments ago we got the first revision to the Q3 GDP, which as consensus expected rose from 1.5% to 2.1%, however for all the wrong reasons because while personal consumption actually decline from a 3.2% increase, and a 2.19% contribution to the GDP bottom line, it is now said to have grown only 3.0%, adding 2.05% to the final GDP print.

Update: Alleged footage of the crash site inside.

"If the strike is confirmed, the TOW missile was most likely supplied through the same US and Turkey-backed logistics programme that has reportedly been supplying Alwiya al-Ashar." 

PUTIN SAYS LOSS OF RUSSIAN WARPLANE TODAY DUE TO BACKSTABBING
PUTIN SAYS INCIDENT TO HAVE SERIOUS CONSQUENCES FOR TURKEY TIES
PUTIN: OIL FROM ISLAMIC STATE IS BEING SHIPPED TO TURKEY
PUTIN SAYS ISLAMIC STATE GETS CASH BY SELLING OIL TO TURKEY

• Turkey downs Russian warplane near Syria border, Moscow denies airspace violation (Reuters)
• Investors seek safety in bonds, yen after Turkey downs Russian jet (Reuters)
• Donald Trump Is Not Backing Down (BBG)
• Uber's Exposure May Grow as U.S. Drivers Seek 57.5 Cents a Mile (BBG)
• U.S. issues global travel alert as manhunt continues for Paris attackers (Reuters)
• Stung by Oil, Distressed-Debt Traders See Worst Losses Since '08 (BBG)

Everyone has been waiting to hear the official Russian response to the Turkish downing of a Russian warplane next the the Syria border. So here it is, straight form the horse's mouth: Vladimir Putin who is now speaking with the King of Jordan, is expected to make a statement over the downed plane.

Once upon a time, luxury jewelry retailer Tiffany was seen as the bellwether for the global market, however not so much in the New Paranormal when as a result of the company over-reliance on China, and a new focus on aspirational middle-class consumers, the stock had recently been trading at levels not seen in over two years. Things went from bad to worse this morning when the company reported its latest disappointing earning, in which it also slashed full year guidance, blaming a strong dollar, lower tourist spending, as well as "volatile, uncertain economic and market conditions in the U.S. and other regions."

It had been a relatively quiet session overnight when as reported previously, the geopolitical situation in the middle east changed dramatically in a moment, when NATO-member country Turkey downed a Russian fighter jet allegedly over Turkish territory even though the plane crashed in Syria, and whose pilots may have been captured by local rebel forces. The news promptly slammed Turkish assets and FX, sending the Lira tumbling, pushing lower European stocks and US equity futures while sending 2 Year German Bunds to record negative yields.