Turkey

Futures Rebound As Crude Regains $45 On Canada Fears; Turkey Hammered

While markets remain relatively subdued ahead of tomorrow's nonfarm payrolls report, after several days of losses in US stocks which pushed the S&P500 to three week lows, overnight markets ignored the latest weak data out of China where the Caixin Services PMI was the latest indicator to disappoint (dropping from 52.2 to 51.8), and instead focused on crude, which rebounded from yesterday's post inventory-build lows and briefly printed above $45/bbl over uncertainty related to the impact of Canada wildfires on production and how long will last. The bounce in WTI has meant Brent briefly traded at parity with West Texas for the first time in 6 weeks. 

Turkish Lira Plunges Most Since 2008 As Yet Another Political Crisis Appears Imminent

As another political crisis appears ready to grip Turkey, moments ago we got confirmation that the latest scandal, this time one involving the president and the prime minister, is about to become acute and will likely lead to a party Convention as well as the resignation of the Prime Minister. The immediate response: the biggest crash in the Turkish Lira since October 2008.

Here Comes The Turkish Flood: EU Commission Backs Visa-Free Travel For 80 Million Turks

Earlier this week we observed that in what may be Europe's latest mistake, the European Union is about to grant visa-gree travel to 80 million Turks: a key concession that Erdogan obtained as a result of the ongoing negotiations over Europe's refugee crisis which has pushed Turkey into the key player spotlight. And then, overnight, the European Commission officially granted its support to a visa-free travel deal with Turkey after Ankara threatened to back out of a landmark migration deal. It proposed to lift visa requirements by the end of June.

Global Stocks Slide As Dollar Continues Rising: Has The "Pricing In" Of Trump Begun

While there was no unexpected overnight central bank announcement unlike yesterday's surprise by the RBA which unleashed volatility havoc in the FX market, which promptly spilled over into all asset classes, overnight stocks around the world saw another leg lower without a tangible catalyst, while EM currencies fell to a one-month low after two Fed presidents raised concern investors had become too complacent in their belief that U.S. interest rate raises will stay on hold. Or perhaps all that is happening is that after ignoring Trump, the market is starting to finally price in the possible reality of the Donald in the White House (although as Jeff Gundlach pointed out, Trump would be a far better president for the economy and the market than Hillary or Bernie).

German Coverup Scandal: Ministry Urged Erasing "Rape" From "Monstrous" Cologne Migrant Attack Report

A high-ranking police officer has alleged that his seniors tried to strike the word rape from an internal police report after the mass sexual assaults in Cologne over New Year. A chief superintendent in the Cologne police told the investigative committee established in the wake of the attacks that the interior ministry in North Rhine-Westphalia had sought to influence the investigations.

Europe's Migration Crisis: No End In Sight

According to France's Defense Minister, Jean-Yves Le Drian, 800,000 migrants are currently in Libyan territory waiting to cross the Mediterranean. The multitude of very costly social problems that Muslim migration into Europe has caused thus far, do not exist in this whitewashed European Union report, where the "research" indicates that migrants are always a boon. Similarly, any mention of the very real security costs necessitated by the Islamization occurring in Europe, and the need for monitoring of potential jihadists, simply goes unmentioned. Several European states have a less optimistic picture of the prospect of another three million migrants arriving on Europe's borders than either the Pope or the European Commission do.

Seymour Hersh Says Hillary Approved Sending Libya's Sarin To Syrian Rebels

Seymour Hersh has reported that the Obama Administration falsely blamed the government of Syria’s Bashar al-Assad for the sarin gas attack that Obama was trying to use as an excuse to invade Syria, exposing that a secret agreement in 2012 was reached between the Obama Administration and the leaders of Turkey, Saudi Arabia, and Qatar, to set up a sarin gas attack and blame it on Assad so that the US could invade and overthrow Assad. Notably, multiple reports suggest the US Consulate in Benghazi Libya was operating a "rat line" for Gaddafi’s captured weapons into Syria through Turkey; and now, for the first time, Hersh has implicated Hillary Clinton directly in this "rat line."

Germany Moves To Ban Refugees From Welfare; Politician Calls For "Islam Law" To Limit Influence

The initial refugee welcome in Germany is rapidly turning to rejection as the nation plan to ban EU migrants from most unemployment benefits for five years after arrival as a senior German politician has called for an "Islam law" that would limit the influence of foreign imams and prohibit the foreign financing of mosques in Germany. As The FT reports, the proposals, which are far tougher than had been expected even a few months ago, highlight the government’s concern over growing public anxiety about immigration and the related advance of the Alternative for Germany party, the most popular rightwing grouping since the second world war.

Massive Oil Theft By Pirates Costs Nigeria $1.5 Billion Every Month

Depressed oil prices, rampant corruption, and pipeline vandalism are only parts of Nigeria’s oil problem. It’s now losing a massive 400,000 barrels of crude daily to pirates in the Gulf of Guinea, an amount equal to the entire daily export capacity of its Forcados terminal. Overall damage from piracy, theft and fraud for Africa’s largest oil exporter is estimated at some $1.5 billion a month...

Stockman: Anything Trumps Hillary

So is there any chance at all that Trump will make America Great Again by erecting trade barriers, a Trump Wall on the Rio Grande and an end to America’s imperial beneficence and meddling abroad? Stayed tuned. There may be more to The Donald than meets the eye. And whatever it is, it certainly trumps Hillary’s deplorable purpose to make Imperial Washington an even greater menace both abroad and at home.

The $2 Trillion Gamble That Saudi Arabia Cannot Win

The Vision for 2030 is mostly smoke and mirrors. Saudi Arabia probably cannot replace the money it will lose if oil goes out of style and so is doomed to downward mobility and very possibly significant instability. It has been a great party since the 1940s; it is going to be a hell of a hangover.

These Five Trends In China Will Change The Gold Market

The gold market will soon be very different than from what we see today - largely due to the current developments in China. China’s influence will impact not just gold investors but everyone who has a vested interest in the global economy, stock markets, and the US dollar. After all, China will be a dominant force in all, as most analysts project. Here are the five trends in China that will change the gold market forever...