Turkey

Tyler Durden's picture

It's Another Non-Virtual Futures Ramp In A Virtual Reality World





Another morning melt up after a less than impressive session in China which saw the SHCOMP drop again reversing the furious gains in the past few days driven by hopes of more PBOC easing (despite China's repeated warning not to expect much). A flurry of market topping activity overnight once again, with Candy Crush maker King Digital pricing at $22.50 or the projected midpoint of its price range, and with FaceBook using more of its epically overvalued stock as currency to purchase yet another company, this time virtual reality firm Oculus VR for $2 billion. Perhaps an appropriate purchase considering the entire economy is pushed higher on pro-forma, "virtual" output, and the Fed's capital markets are something straight out of the matrix. Despite today's pre-open ramp, which will be the 4th in a row, one wonders if biotechs will finally break the downward tractor beam they have been latched on to as the bubble has shown signs of cracking, or will the mad momo crowd come back with a vengeance - this too will be answered shortly.

 
Tyler Durden's picture

Stocks Levitate Into US Open In Yet Another "Deja Vu All Over Again" Moment





With another session in which US futures levitate into the open, despite a modest drop in the Nikkei225 (to be expected after the president of Japan’s Government Pension Investment Fund, the world’s largest pension fund, said that a review of asset allocations into stocks is not aimed at supporting domestic share prices) and an unchanged Shanghai Composite while the currency pair du jour, the USDCNY, closes higher despite tumbling in early trade (which also was to be expected after a former adviser to the People’s Bank of China said China is headed for a “mini crisis” in its local- government debt market as economic reforms lead to the first defaults) everyone is asking: will it be deja vu all over again, and after a solid ramp into 9:30 am, facilitated without doubt by the traditional Yen carry trade, will stocks roll over as first biotech and then all other bubble stocks are whacked? We will find out in just over two hours.

 
Tyler Durden's picture

Russia Is Slowly Turning The NatGas Tap Off To Europe





While Naftogaz (Ukraine's gas pipeline operator) states that all gas transportation from Russia to Europe is running normally, Bloomberg reports that Russian natgas exports to Europe are declining. Shipments are down over 4% from the prior week and also lower to Ukraine. This 'adjustment' follows increased sanctions by the West as Medvedev's notable statement this morning that Ukraine owes Russia $16bn. Furthermore, Gazprom has cut its Diesel output by the most in 7 months... and just to rub some Black Sea salt into the wound, NY Times reports that Russia's asking price for natgas to Europe is soaring.

 
Reggie Middleton's picture

The Turkish Government Is About To Find Out Why Bitcoin Is Not A Bubble!!!





I bet you the Turkish government can explain the intrinsic value of Bitcoin to Krugman and Roubini very soon as they systematically lose the ability to censor information due to Namecoin and affiliated technologies.

 
Tyler Durden's picture

Futures Rise As More Weak Chinese Data Prompts More Stimulus Hopes





If there was one thing that the market was demanding after last night's disappointing March HSBC manufacturing PMI, which has now fallen so low, local market participants are convinced a stimulus is imminent (despite China's own warnings not to expect this), and sent both the SHCOMP and the CNY surging, it would have been further weak data out of Europe, where the other possible, if not probable, "QE-stimulus" bank is located now that the Fed is in full taper mode. It didn't get precisely that however there was a step in the right direction when overnight the Euro area Composite Flash PMI eased marginally from 53.3 to 53.2 in March, largely as expected. The country breakdown showed a narrowing of the Germany/France Composite PMI gap owing to a notable (3.7pt) increase in the French PMI while the German PMI eased somewhat (1.4pt). On the basis of past correlations, a Euro area Composite PMI of 53.2 is consistent with GDP growth of around +0.4%qoq, slightly stronger than our Current Activity Indicator (+0.35%qoq).

 
Tyler Durden's picture

Frontrunning: March 24





  • U.S. Small-Cap Rally Sends Valuation 26% Above 1990s  (BBG)
  • Russian troops seize Ukraine marine base in Crimea (Reuters)
  • Apple in Talks With Comcast About Streaming-TV Service (WSJ)
  • Top J.P. Morgan Executive in China to Leave Bank (WSJ)
  • Treasury's Lew to undergo treatment for enlarged prostate (Reuters)
  • Billionaire Sought by U.S. Holds Key to Putin Gas Cash  (BBG)
  • Israel closes embassies around the world as diplomats strike (Reuters)
  • Herbalife to Nominate Three More Icahn Candidates to Board (BBG)
  • Australian ship homes in on possible debris from Malaysia plane (Reuters)
  • California DMV Investigating Potential Credit Card Breach (WSJ)
 
Tyler Durden's picture

Turkish F-16 Shoots Down Syrian Plane, Caught On Live Video





In the aftermath of what appears a tenuous detente over the Crimea while Putin plans his next step of how to "merge" with east Ukraine as he sets off to rebuild the USSR, Syria just may be set to regain its place at the top of the global geopolitical risk pyramid. Case in point, early this morning, the fragile ceasefire between Syria and Turkey was shatered after a Turkish F- 16 shot down a Syrian plane on Sunday after it crossed into Turkish air space in a border region where Syrian rebels have been battling President Bashar al-Assad's forces.

 

 
Tyler Durden's picture

Turkey Set To Block YouTube Momentarily, After Google Refuses To Yank Clips Exposing Prime Minister





As was reported earlier, the Turkish premier, embroiled in what increasingly appears a career terminating corruption and embezzlement scandal (it is not exactly clear yet just how involved the CIA is in this particular upcoming government overthrow), blocked Turkey's access to Twitter last night, hours after vowing to "destroy twitter." The idiocy of this escalation against dissemination of information in the internet age needs no comment. Well maybe one. This is what we said in our post from this morning: "since Turkey will certainly not stop at just Twitter, here is what is coming next: "Last week, Erdogan said the country could also block Facebook and YouTube." It now appears that at least half of this threat is about to materialize because moments ago Google just announced that it would not remove a previously uploaded video, one in which Erdogan tells his son to hide money from investigators (one which can be seen here), and which Erdogan demanded be pulled from Google (seemingly unaware that by doing so he simply made sure that everyone saw it). This means that within days, if not hours, Turkey will likely block Google-owned YouTube, if not Google itself.

 
Tyler Durden's picture

The Turkish People React To The Twitter Block...





In the hopes of maintainijng his status quo amidst a plethora of corruption probes and allegations, Turkey's Erdogan has blocked Twitter after pledging to "destroy" the social media platform after troubling leaks occurred appearing to confirm his corruption. As one can imagine, the Turkish people (among others) are not happy...

 
Tyler Durden's picture

Turkey PM Acts On His Threat To "Destroy Twitter", Blocks Countrywide Access





When we reported early yesterday that Turkey's Prime Minister Erdogan threateningly warned that since Twitter had ignored court orders to remove content related to a government corruption scandal., that he would "destroy Twitter" and that "we'll dig up Twitter - all of them - from the roots," he raged, "they'll see the power of the Republic of Turkey" it may not have been quite clear what he meant. A few hours later it was revealed, when virtually all Twitter access was blocked in Turkey ten days ahead of the general election in a move that has already enraged the nation and resulted in a powerful public outcry.

 
Tyler Durden's picture

Frontrunning: March 21





  • Australia says nothing spotted in search for plane (AP)
  • Putin looks to Asia as West threatens to isolate Russia (Reuters)
  • China Billionaire Builds Metals With Dreyfus, Glencore Hires (BBG)
  • China Beige Book Says Economy Slowing (BBG)
  • Caterpillar Said to Be Focus of Senate Overseas Tax Probe (BBG)
  • US Cancels Summit With Divided Group of Gulf Nations (WSJ)
  • Cyprus defense minister suffers aneurysm (AP)
  • Abe to zero in on economy as tax hike looms (Nikkei)
  • Europe strikes deal to complete banking union (Reuters)
 
Tyler Durden's picture

Bounce In Chinese Equities Pushes US Futures Higher





Once again there has been little fundamental news or economic data this morning in Europe with price action largely driven by expiring option contracts. In terms of key events, Putin says Russia should refrain from retaliating against US sanctions for now even as Bank Rossiya discovered Visa and MasterCard have stopped servicing its cards, and as Putin further added he would have his salary sent to the sanctioned bank - the farce will go on. Continuing the amusing "rating agency" news following yesterday's policy warning by S&P and Fitch on Russian debt (was that a phone call from Geithner... or directly from Obama), Fitch affirmed United States at AAA; outlook revised to stable from negative, adding that the US has greater debt tolerance than AAA peers. Perhaps thje most notable move was in Chinese stocks which rallied overnight after major domestic banks said to have stopped selling trust products which were blamed for encouraging reckless borrowing and diluted credit standards. Speculation of further stimulus and the potential introduction of single stock futures also helped the Shanghai Comp mark its biggest gain of 2014 closing up 2.7%.

 
Tyler Durden's picture

"We'll Destroy Twitter" Blasts Turkish PM





It appears the madness is contagious. Turkish Prime Minister Recep Tayyip Erdogan, embroiled in an ongoing and huge corruption probe, lashed out at "international conspiracies" in a speech at a rally in Bursa. "We'll dig up Twitter - all of them - from the roots," he raged, "they'll see the power of the Republic of Turkey." With the looming elections - sure to fair and equitable to all - he warned he would "settle scores" after winning. Indeed...

 
Tyler Durden's picture

Futures Surge Overnight In Crimean Referendum Aftermath On USDJPY Levitation





It took only a 60 USDJPY pip overnight ramp to send US equity futures 20 points off the overnight lows in the immediate aftermath of the Crimean referendum, which from a massive risk off event has somehow metamorphosed into a "priced in", even welcome catalyst to buy stocks. The supposed reasoning, and in a world in which Virtu algos determine the price action of the USDJPY from which all else flows based solely on momentum we use the word reasoning "loosely", is that there was little to indicate that the escalation between Russia and Ukraine was set to accelerate further. As we said: an annexation is now seen as risk off, something even Goldman appears unable to comprehend (more on that shortly). In macroeconomic news, European inflation - at least for the Keynesians - turned from bad to worse after the final February inflation print dropped from the flash, and expected, reading of 0.8% to just 0.7% Y/Y, a sequential increase of 0.3% and below the 0.4% expected, confirming that deflationary forces continue to ravage the continent. The only question is how soon until Europe comes up with some brilliant scheme that will help it join Japan in exporting its deflation.

 
Tyler Durden's picture

Sunday Humor: Turkish PM Erdogan's Top 15 Insults To World Leaders





While we thought Venezuelan President Maduro was doing well in the verbal combat sparring match of global diplomacy, and of course Russian President Vladimir Putin holds the lead in proclaimed "despotism", it is the corruption-probe bedraggled Prime Minister of Turkey that is head-and-shoulders above the rest of the world's leaders in his insults. As Zaman reports, not a day goes by when Erdogan does not spew forth some insult-infused speech to rally his cheering supporters and here are his Top 15...

 
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