Turkey Is Tanking - Lira Plunges Most In 6 Months; Stocks, Bonds Hammered

While one could take their pick of bloodbathery today, Turkey seemed like an appropriate place to focus as its bond yields are exploding higher, currency collapsing, and stocks plunging to the lowest since March 2014. How long before Erdogan decrees all of this impossible and fires another 'dependent' central banker?

The Lira is plunging at its fastest in 6 months...

 

Stocks are getting hammered...

 

And Turkish bond yields are spiking across the entire complex...

 

Crude Barely Notices After Oil Rig Count Plunges Most In 2 Months

Amid the carnage in crude markets today, Baker Hughes just reported a 21 rig drop in oil rigs - the biggest absolute drop in 2 months. The total rig count dropped 28 to 709 - the lowest since 1999.

 

  • *U.S. OIL RIG COUNT DOWN 21 TO 524, BAKER HUGHES SAYS

 

Oil barely budged...

 

Here's why... because production has barely budged...

 

Charts: Bloomberg

Carl Icahn Warns "Meltdown In High Yield Is Just Beginning"

Amid the biggest weekly collapse in high-yield bonds since March 2009, Carl Icahn gently reminds investors that he saw this coming... and that it's only just getting started!

As we warned here, and confirmed here, something has blown-up in high-yield...

 

With the biggest discount to NAV since 2011...

 

The carnage is across the entire credit complex... with yields on 'triple hooks' back to 2009 levels...

 

As fund outflows explode..

And here's why equity investors simply can't ignore it anymore...

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