It may be option expiration day (always leading to abnormal market activity) but it remains all about the weak dollar, which after crashing in the two days after the Fed's surprisingly dovish statement has put both the ECB and the BOJ in the very awkward position that shortly after both banks have drastically eased, the Euro and the Yen are now trading stronger relative to the dollar versus prior. As DB puts it, "the US Dollar has tumbled in a fairly impressive fashion since the FOMC on Wednesday with the Dollar spot index now down the most over a two-day period since 2009" which naturally hurts those countries who have been rushing to debase their own currencies against the USD.
The timing of the Russian withdrawal could not be more fortuitous, as it occurs at the very pinnacle of the European refugee crisis, a crisis that was caused by Europe’s backing of the Saudi-Turkish attempt to overthrow Assad. Is Russia gambling on receiving some modicum of European gratitude for helping to stem the flight of refugees to its borders, with the pay-off in terms of easing sanction and enabling its long stalled pipeline projects to be completed.
- Global Stocks Slip Following Fed’s Cautious Tone (WSJ)
- Oil rallies towards $41, near 2016 high, on producer meeting (Reuters)
- Hamptons luxury home sales soften as Wall Street weakness takes a toll (Reuters)
- Obama picks centrist high court nominee; Republicans unmoved (Reuters)
- Allies See Challenges for Hillary Clinton in a General Election Campaign (WSJ)
Turkey's Erdogan Goes Full-Dictator: Designates Journalists And Teachers As "Terrorists"; Arrests LawyersSubmitted by Tyler Durden on 03/17/2016 02:00 -0400
President Erdogan has had enough. Enough of academics. Enough of lawyers. Enough of journalists. And especially enough of Kurds. That's why he's going to force parliament into expanding the definition of "terrorist" and that's why he's stripping HDP lawmakers of their immunity from prosecution. Oh, and he's officially kicking off his campaign to rewrite the consitution and expand his powers in April.
Well, Turkish President Recep Tayyip Erdogan’s worst nightmare is about to come true. The Syrian Kurds are about to declare federalism. "The system envisions areas of democratic self-administration that will manage their own economic, security and defense affairs," a document under discussion in northern Syria asserts. The details, Kurdish officials said, would be worked out later. The name of the new proto-state: "The Federal Democratic System of Rojava-North Syria."
Viktor Orban is "gathering allies" to storm Brussels and break up a nefarious plot to subvert the willl of nations on the way to creating a United States of Europe. Who's with him?
"In short, for once there is more truth than rhetoric in claims of a 'mission accomplished.'”
"Salafists want to establish an Islamic state in Germany," warns Hans-Georg Maaßen, director, BfV, German intelligence, adding that the Islamic State was deliberately planting jihadists among the refugees flowing into Europe, and reported that the number of Salafists in Germany has now risen to 7,900.
In the latest embarrassment for US-armed and trained Syrian rebels, Division 13 was overrun in Maarat Numan on Sunday when al-Nusra (who has a history of making a mockery of the US effort in the country) seized TOWs, ammo, and armored vehicles. 40 FSA fighters were kidnapped. Meanwhile, The Pentagon wants to restart the ill-fated trained and quip program.
Trump’s blunt, angry, provocative, anti-establishment message has struck a chord among millions of disaffected Americans who have been ignored, abused, scorned, and shit on by the elitist establishment, banking cabal, corrupt politicians and government apparatchiks. The Deep State establishment has overstepped their bounds. Their ravenous pillaging of the national wealth through outsourcing millions of American jobs, largest mortgage control fraud in history, and outrageous gall in shifting their losing bets onto the backs of hard working Americans is about to bite them in the ass.
Having collapsed just over a month ago, peace talks to end the Syrian strife resumed today amid the "fragile" truce brokered by US and Russia. So that makes the following even more intriguing:
*PUTIN ORDERS `MAIN PART' OF RUSSIAN ARMY TO START SYRIA PULLOUT, PUTIN SPOKE W/ ASSAD, TOLD HIM OF DECISION TO PULL OUT: PESKOV
So having stated proof of Turkish troops in Syria this morning, and after the resignation of the Russian navy commander, Putin tells the foreign ministry to intensify their role in the peace process.
- Fed to sit tight on rates at March meet, hint at hikes to come (Reuters)
- Election setback a 'wake-up call' for Merkel, media and politicians say (Reuters)
- Germany’s Merkel under renewed attack after populists’ poll success (FT)
- Temperatures Rise on Eve of Next GOP Contests (WSJ)
- Carl Icahn setting up son to take his place: sources (Post)
- Turkey Vows Swift Retaliation After Bomb Kills 37 in Capital (BBG)
While Asia was up on China's bad data, and Europe was higher again this morning to catch up for the Friday afternoon US surge, US equity futures may have finally topped off and are now looking at this week's critical data, namely the BOJ's decision tomorrow (where Kuroda is expected to do nothing), and the Fed's decision on Wednesday where a far more "hawkish announcement" than currently priced in by the market, as Goldman warned last night, is likely, in what would put an end to the momentum and "weak balance sheet" rally.
"There’s a giant bull in the [Turkey stock market] china shop," exclaims one trader, but (unsually for Turkey), "nobody knows anything for sure" about who he, she, or it is. As Bloomberg reports, a mystery investor who first appeared a year and a half ago with $450 million of bets on a single day, almost double the market average, is now executing major transactions with increasing frequency, scaring away competitors who can’t figure out when he or she will strike next, traders and bankers said.