Despite the world seemingly exuberant at Turkey's fraud election, sparking the biggest rally in the Lira since Nov 2008 (confirming once again that "markets love totalitarian governments," [6]) it appears the centrally-planned machinations of the US equity markets are not living up to their promises of wealth for all (and rate-hikes don't matter). US and Japanese equity futures are opening notably lower, erasing all of the post-Fed exuberance with Dow Futs down over 200 points from pre-BoJ hope highs. Finally, gold futures were hammered lower at the Asia open (on heavy volume) only to rip back to practically unchanged.
Lira loves the 'fix'...
[7]
Biggest daily jump since Lehman...
[8]
Someone decided the thinly-traded pre-open markets on a Sunday night was an opportune time to flush 10s of thousands of ounce of paper gold (around $228 million notional) into the market...
[9]
And maybe higher rates are bad after all...
[10]
Japanese stocks are tumbling
[11]
As the world, contrary to a surge in pent up expectations that China is finally fine, realize that it isn't following this weekend's miss [12]in both the Manufacturing PMI, and slide in the non-manufacturing PMi to the lowest level since 2008.
[13]
Finally, was the hawkish Fed hawkish not just to punk another iteration of Eurodollar/FF traders, but because its FRB/US model actually believes that there is no more slack in the economy and a December rate hike is imminent as reported earlier [14]?
