...in today's fraught environment it can be well and truly said that the chartmonkeys have become deaf, dumb and blind to everything happening on Planet Earth external to the gaming tables where they slosh around in their cups.
"Turkey is trying to rewrite the crisis management chapter in the playbook for emerging markets. It’s trying to go without interest rate hikes. It’s trying to do it without the IMF. That’s hard. It’s not impossible, but it’s hard."
The market continues to gingerly ignore the accelerating currency devaluation in China, where the yuan is headed for a record eight weeks of declines. Italian bond yields spike ahead of an important meeting and payrolls are on deck.