When the news hit on May 5 that Turkey's Prime Minister Ahmet Davutoglu would unexpectedly stand down from his post as a result of sharply escalating fighting behind the scenes over president Tayyip Erdogan's relentless attempt to rule Turkey with virtually no checks and balances, the market was not happy, and the volatility of the Turkish Lira soared the most in the past decade.
Submitted by David Stockman via Contra Corner blog,
Submitted by Lance Roberts via RealInvestmentAdvice.com,
Another week of volatility, but with no real resolution to the burning question of “where do we go next?”
This past week, the release of the FOMC meeting minutes from April did little to solve the overall confusion. On Friday, I noted some key highlights from the minutes:
“Participants generally agreed that the risks to the economic outlook posed by global economic and financial developments had receded over the inter-meeting period.
Norbert Hofer from the Euro-sceptic, anti-immigration, far-right Freedom Party is close to winning Austria’s presidential election with 51.9 percent of the vote. Postal votes are to be counted by tomorrow. If confirmed, Hofer could become the first right-wing head of state on the European continent since the death of Hitler and the end of world war 2. Russia Today reports: The Ministry states that Green Party candidate Alexander van der Bellen garnered only 48.1 percent of the ballots cast.
As the US try to force European countries to approve the missile defense system, French officials have said they are reluctant to do so as they are concerned it would be under the control of Washington rather than NATO. France has been leading the resistance against the missile defense shield (which was recently installed in Romania) that would be nominally a NATO program, but in reality it’s a US controlled operation against Europe, according to Katehon Germany and Italy appear be on the same page with France on rejecting US pressure.