Yesterday's weak dollar headfake has ended and overnight the USD rallied, while Asian stocks dropped to the lowest level in 7 weeks and crude oil fell as speculation returned that the Federal Reserve will raise interest rates as early as next month. The pound jumped and European stocks gained thanks to a weaker EUR.
An EU plan that would extend visa-free travel privileges to Turkey as of July 1 will be delayed over worries Ankara won't meet the key conditions on time. Deutsche Welle adds that "Chancellor Angela Merkel is in no mood to budge" in what is the first actual indication of resistance by the German to the increasingly more whimsical demands by the Turkish president.
Buy gold as it is an “extremely low-risk asset” is the advice of Professor Kenneth Rogoff to emerging market, creditor nation central banks including the People’s Bank of China (PBOC). “There is no limit to its price ...” he said ...
- Global stocks see-saw, yields slip as investors get week off to cautious start (Reuters)
- Bayer defies critics with $62 billion Monsanto offer (Reuters)
- Iran has no plans to freeze oil exports, official says ahead of OPEC meeting (Reuters)
- U.S. lifts arms ban on old foe Vietnam as regional tensions simmer (Reuters)
- Anthem, Cigna Privately Bicker as They Seek Merger Approval (WSJ)
During today's congress of Turkey's AKP, Erdogan confirmed an impotent lapdog, Binali Yildirim - a close ally for two decades and a co-founder of the ruling AK Party - as his new prime minister on Sunday, which as Reuters explained was "a big step towards the stronger presidential powers [Erdogan] has long sought." In plain English, Turkey is unofficially a dictatorship, in which Erdogan is president only in title and in reality a supreme despot as there is no longer anyone who can politically challenge the president.
What remains to be answered definitively is whether or not George Soros and Open Society Foundations are funding a highly politicized opposition movement in order to weaken the democratically elected new Polish government despite an overwhelming and unprecedented popular mandate.
Refugees have little or no respite today in the world and that’s a telling tale of the type of world that we have created around us.
As the immigration crisis continues to intensify in Europe, Germans are buying protection - lots of it.
There was a young fellow from Ankara... Who was a terrific wankerer...
After years of debate, political jockeying and acrimony, a major pipeline project to bring natural gas to Southern Europe has broken ground. The Trans-Adriatic Pipeline (TAP) will connect the Caspian Sea to European markets, providing Europe with another large source of natural gas that will help the continent diversify away from Russia. The route begins at the Caspian Sea in Azerbaijan, where the South Caucuses Pipeline will carry Caspian gas from the large Shah Deniz-2 gas field, delivering it to the border with Turkey.
- Fed Puts June Rate Increase on Table Provided Economy Says Go (BBG)
- European shares drop as mining stocks weaken, airlines fall (Reuters)
- Oil drops below $48 on Fed hike speculation, fading support from outages (Reuters)
- Violent Struggle Over Oil and Money Rattles Global Energy Market (BBG)
- Bayer Proposes to Acquire Monsanto (WSJ)
The EU-Turkey migrant deal, designed to halt the flow of migrants from Turkey to Greece, is falling apart just two months after it was reached. European officials are now looking for a back-up plan - a confidential plan to house all migrants arriving from Turkey on Greek islands in the Aegean Sea. Migrants would remain on the islands permanently while their asylum applications are being processed. The plan, which Bild reports is being discussed at the highest echelons of European power, would effectively turn parts of Greece into massive refugee camps for many years to come.
"We're becoming like a third-world country. This is how it feels to be sold out by your country. We’re going to have nothing left but fast food... Fast food and hedge funds. That's where we're going."
"What Is Worrisome Is The Increasing Scale Of Violence" - Anti-Immigrant Rhetoric Turns To Arson In GermanySubmitted by Tyler Durden on 05/16/2016 20:10 -0400
By now everyone is well aware that the sentiment in Germany is beginning to take on a very anti-immigrant (specifically Muslim immigrant) tone. Not only is sentiment shifting, but now violent actions are being put behind the ever growing contempt for immigrants within Germany as well.