Reuters

"Not wearing the kippa can save lives and nothing is more important. It really hurts to reach that point but I don't want anyone to die in Marseille because they have a kippa on their head."

"If I were a returning jihadi, I would smuggle myself in amongst this group; you would easily get lost." "That's the most ridiculous thing I have ever heard".

In yet another hit for the energy complex, EIA just cut their global oil demand forecast to 95.19 million barrels a day this year (down from 95.22 million in December’s outlook). The energy agency also increased its forecast for global production to 95.93 million barrels a day (up from 95.79 million last month). This pressured WTI Crude back off a brief bounce and pushed it to a 20-handle at $29.97 for the first time since December 2003.

Having told banks and investors "don't panic" in September, amid spiking interbank lending rates and surging default/devaluation risks, it appears the massive shortage of dollars that we warned about in December has washed tsunami-like ashore in oil-producing Nigeria. Following the Central bank's decision this week to halt dollar sales to non-bank FX market operators, black market exchange rates spiked to 282/USD (vs 199 official) and CDS spiked to record highs implying drastic devaluations loom.

• Oil slips toward $30, traders bet on more falls (Reuters)
• Oil Plunge Sparks Bankruptcy Concerns (WSJ)
• RBS cries 'sell everything' as deflationary crisis nears (Telegraph)
• World stocks drop but Europe shrugs off oil slide, China money market surge (Reuters)
• Canadian Stocks Fall in Longest Slump Since 2002 as Oil Slides (BBG)
• "Murderous" Yuan Rate Jolts Hong Kong as Top Currency Hub (BBG)

With China now "murdering" Yuan shorts, markets are content that the Chinese debacle seems to be contained if only for a while, and so the attention of both traders and algos alike has focused on oil, which earlier in the session dragged global equities lower as it dropped by 3%, just shy of the $30 level, a new 11 year low, before staging another dramatic rebound in minutes, wiping out all losses in the aftermath of what appears to have been a deadly suicide bomber terrorist explosion on a square the middle of Istanbul's historic district.

On Tuesday we get the latest tragedy out of Turkey as at least 10 are dead in a suicide attack on Istanbul. The explosion rocked Sultanahmet Square outside the city’s Blue Mosque injuring 15 in addition to those killed.

A jump in the overnight cost for borrowing yuan in Hong Kong is "reflecting further PBOC efforts to stamp out speculation," according to Michael Every, head of financial markets research at Rabobank Group. Hong Kong-based Every told Bloomberg in an interview, following a massive spike in overnight borrowing rates for Offshore Yuan that "a 66% rate is murderous for others being swept up in this who are not speculating." PBOC advisor Han earlier warned that short selling the yuan "will not succeed," adding that "it is pure imagination that the Chinese yuan will act like a wild horse without any rein." But as Every notes, the unintended consequences could be a problem, "imagine you needed access to CNH for other purposes for a few days," concluding ominously that "in other EM crises we see that central banks usually win a round like this, but lose in the end."

The state of our nation under Obama has become more bureaucratic, more debt-ridden, more violent, more militarized, more fascist, more lawless, more invasive, more corrupt, more untrustworthy, more mired in war, and more unresponsive to the wishes and needs of the electorate. Most of all, the government, already diabolical and manipulative to the nth degree, has mastered the art of "do what I say and not what I do" hypocrisy.

A month after we first noted the major redemptions at Avenue Capital Group's credit fund (note this is a different fund from Third Avenue), and just one trading day after CEO Marc Lasry strolled arrogantly on to CNBC and told the public that "I don't think it's a time to panic, I think it's actually a time where you've got opportunities out there," Morningstar reports the Avenue Credit Strategies Fund has failed to report asset levels since about mid-December.

"We are the people" "Resistance!" and "Deport them!" chanted the sign and flag-toting LEGIDA crowd. "Refugees not welcome!" read one sign, showing a silhouette of three men armed with knives pursuing a woman, while another declared "Islam = terror".

According to the Mint, more than half of the week's allocation of silver sold on Monday, the first day of 2016 sales, a sign that demand entering 2016 is literally off the charts. Putting the silver demand in context, the 2.76 million ounces of silver bullion coins sold today is exactly half of the 5.53 million ounces that sold in all of January 2015. Gold too: first-day sales of American Eagle gold bullion coins was also unprecedented, with the 60,000 ounces sold equal to roughly 75% of the 81,000 that sold in the entire month of January 2015.

The collapse of China's economy will have serious implications for India, the country's top investment banker warns. With exports in free fall and the government caught between fiscal retrenchment and the need to keep the economy afloat, it could be a rough year for the country Goldman swears will be a top economic performer in 2016.

"Police and medical officials, who spoke on condition of anonymity because they were not authorized to brief reporters, say the gunmen set off a car bomb at the entrance to the mall on Monday before moving in."