Turkey

Are Investors Idiots?

Statistically, the likelihood of a crash coming on any given day is small. But that is a little like telling a turkey not to worry because the likelihood of Thanksgiving is only 1 out of 365.

Stronger Dollar Sends Futures Higher, Oil Lower, Asian Stocks To Two Month Lows

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.

Erdogan Furious After EU Suspends Plans To Extend Visa-Free Travel To Turkey

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.

Frontrunning: May 23

  • 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)

Erdogan Nears Absolute Power With Appointment Of Puppet Premier, Stripping MPs Of Immunity

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.

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Refugees.

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.

Greek Pipeline Breakthrough To Challenge Russian Gas Dominance In Europe

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.

Frontrunning: May 19

  • 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)

EU-Turkey Migrant Deal Unravels Turning Greece Into Massive Refugee Camp

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.