Turkey

Joe Biden Humiliated In Turkish "Appeasement" As Erdogan Bombs US Allies In Syria

The Obama administration has once again revealed the true extent of its hypocricy, as it turns a blind eye toward the trampling of human rights in Turkey, while screaming bloody murder when something similar takes place in any other part of the world. Meanwhile, Turkey's humiliation of its "partner", the US, will continue, and much to the amusement of Vladimir Putin, there is absolutely nothing Obama will do about it. 

A Kingdom In Turmoil: Saudi Societal Discontent Grows

"Given the current state of affairs in the Middle East, continued Saudi support for extremism and terrorism and increasing Islamic terror attacks on Europe and the US, US/Saudi relations will continue to deteriorate or remain in flux, regardless who wins the US Presidency in November 2016... we are likely to see more societal discontent and harsher responses by the Saudi oligarchy. Some signs are already evident..."

Frontrunning: August 26

  • Global equities set 2-week low before Yellen speech, dollar dips (BBG)
  • Lochte signs new endorsement deal, legal woes persist in Brazil (Reuters)
  • Blackstone Unleashes Cash Hoard in Texas Shale Oil Land Grab (BBG)
  • China to prosecute former statistics bureau chief for corruption (Reuters)
  • Turkey fires on U.S.-backed Kurdish militia in Syria offensive (Reuters)

Did Turkish President Erdogan Just Use A False Flag To Justify Invading Syria?

What we do know is that the targets of the attack were supporters of a political party that threaten Erdogan’s dreams of totalitarianism. We also know ISIS has not claimed responsibility for the attack, nor has Erdogan provided any evidence they were responsible, except to reiterate their alleged responsibility over and over. Don’t be surprised, therefore, if this attack is used as a further excuse to expand military operations against ISIS or some other group that Erdogan considers terrorists - or as a further move to target the Kurdish movement in Turkey and Syria. Oh wait, that literally just happened.

Global Stocks Decline Along With The Dollar, As Jackson Hole Begins

Global stocks declined broadly, led by European equities which fell for the first time this week while currency markets continued their subdued tone even as the recent 4-day rally in the USD appears to have topped out, as investors took to sidelines ahead of the Jackson Hole meeting which begins tonight. Japanese and Chinese stocks had suffered modest drops in Asia.  S&P 500 Index futures slipped 0.2%, continuing yesterday's modest selloff.

Turkish Tanks Enter Syria As Part Of "Anti-ISIS" Operation

Turkish tanks crossed the border into northern Syria Wednesday as part of "operations to clear ISIS terrorists "from the city of Jarabulus and to protect Turkey from the Islamic State and Kurds, Anadolu News Agency reported.

S&P Set For New Record Highs As Futures, Dollar Rise; Oil Slides

In a rerun of yesterday's overnight session, European indexes trade higher while US index futures were modestly in the green, set to propel the S&P 500 to new all time highs. Emerging Market dropped the most in three weeks alongside commodities, as today the market was predisposed hawkishly on a US rate hike ahead of Yellen's Friday speech, pushing the US dollar higher and oil resumed its pre "anonymous sources" headlines slide.

Frontrunning: August 23

  • Dollar Drops on Rate Outlook as European Stocks Rise, Oil Falls (BBG)
  • Bank of Japan's rush into stocks raises fears of market distortions (Reuters)
  • With Moderate Drinking Under Fire, Alcohol Companies Go on Offensive (WSJ)
  • Merkel Says Brexit Is U.K.’s Loss While Pledging EU Results (BBG)
  • Turkey cuts rates for sixth straight month amid ratings worries (Reuters)

Migrant Problems Still Threaten Europe

The picture drawn by the present migration into Europe may fundamentally undermine the "Refugees Welcome" narrative that dominated news reports last year, but the continent-wide economic ramifications of its effects on a country such as Italy, already subject to considerable political tumult, should not be underestimated.