US Futures Rebound Sharply From Friday's Coup Fears, Focus Shifts To M&A

Having panciked briefly on Friday night on news of a Turkish coup, which has since not only failed but been cast away as speculation rises that it was staged and designed to give Erdogan even more authoritarian power, markets have moved on and are now focusing on the main overnight event which was the surprising $32 billion bid by Japan's SoftBank for U.K.’s semiconductor giant ARM which has sent comparable semis higher in European trading and pushing the Stoxx Europe 600 Index up by 0.6%, after surging 3.2% last week. After sliding sharply on Friday, US equity futures are up 0.1% in early trading.

"A Gift From God" - Erdogan Arrests 6,000 In Historic "Systemic Purge", Incirlik Airbase Commander Detained

Moments ago, a Turkish government official said the commander of the critical Incirlik airbase, used by U.S.-led coalition jets to conduct bombing runs against the Islamic State, has been arrested.  Meanwhile, Erdogan's "counter-coup" this time with the implicit blessing of all western powers, is picking up speed as some 6,000 people have been detained in a government crackdown on alleged coup plotters and government opponents.

John Kerry Blasts Turkey For Accusing US Of Orchestrating Failed Coup, Admits US Had No Idea It Was Coming

US Secretary of State John Kerry blasted Turkish public claims suggesting that American officials masterminded the failed coup attempt in Turkey, and warned its NATO ally that public suggestions of a U.S. role in the plot were "utterly false" and harmful to relations.  "Public insinuations or claims about any role by the United States in the failed coup attempt are utterly false and harmful to our bilateral relations."

Turkish Central Bank Pledges "Unlimited Liquidity" On Bank Run Fears: Wall Street's Take

On Friday, the Turkish Lira suffered its biggest daily drop in 8 years, and added to its woes after having lost more than 40% of its value since the end of 2012. So in an attempt to stabilize the financial system, earlier today, in a terse, 7-bullet statement, Turkey’s central bank vowed to provide "unlimited liquidity" to banks, while Deputy Prime Minister Simsek said nation’s macroeconomic foundations remain “solid.” Meanwhile, Wall Street's analysts chimed in on what they expect to happen in the coming days.

Erdogan's Arch-Enemy Accuses Turkish President Of Staging Coup, Compares Him To Hitler

Fethullah Gulen, accused by Erdogan of orchestrating the attempted military coup that rocked Turkey, turned the accusation against his political rival suggesting that Erdogan’s ruling AKP party had staged the uprising. "There is a possibility that it could be a staged coup [by r Erdogan’s AKP] and it could be meant for further accusations” against Gulenists and the military, he said.

The Counter-Coup Begins: Erdogan Purges 2,745 Judges, Prosecutors; Arrests Hundreds

Last night, a poorly organized, badly planned, quasi-coup took place in Turkey which led to Erdogan further retrenching his authoritarian position in the country. This morning, the president's own "counter-coup" began with the purdhing of 2,745 judges across the country, as well as the issuance of arrest warrants for 140 appeals court members. Erdogan's path to full, authoritarian power is now open.

Turkey Suspends All US Operations Against ISIS At Incirlik Airbase, Which Vaults B61 Nuclear Bombs

Turkish authorities on Saturday halted American-led strike missions against the Islamic State that are flying from the Incirlik air base, the first major impact of the coup on the broader allied campaign against the group. “At this time, Turkish authorities are not permitting aircraft to depart Incirlik,” an American military official said on Saturday morning. The American official said the United States was seeking an explanation for the decision and other details.

What Britain's New Foreign Minister Really Thinks Of The World

In a somewhat shocking move, new UK PM Theresa May has appointed former London Mayor and always outspoken "Leave" campaign leader Boris Johnson as her Foreign Secretary. Given his history of foot-in-mouth disease, as Bloomberg reports, the chances of a diplomatic issue are high as from "sadistic nurse" Clinton to "dobby the house elf" Putin, we detail what Britain's latest foreign secretary thinks of his global peers...