Europe

Refugees escaping war and hardship in the Middle East who risked their lives and paid smugglers 1000’s of dollars to reach the safety of Europe, are now trying to swim their way back to Turkey. They are leaving behind asylum detention centers described by some as unfit for animals. Some migrants weary of deportation back to Turkey and an uncertain welcome by the authorities have pre-empted the process to avoid facing Turkish interrogation and detention.

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The STOXX Europe 600 is trending below declining and bearishly positioned 26 and 40-week moving averages, and as BofAML's Stephen Suttmeier warns, ECB quantitative easing has not reversed this bearish trend.

The 2016 set-up is similar to early 2001 and early 2008 with important resistance at 350 and important support at 300. Both 2001 and 2008 saw rebounds into bearishly positioned and falling 26/40-week MAs that formed important lower tops in May.

Following a scramble by European nations to issue ultra long-dated government paper, which saw France and Belgium sell 50-year bonds last month, while Ireland and Belgium went all the way and issued century bonds, with even Switzerland locking in 42-year paper yesterday, moments ago Spain was the latest to extend maturities all the way to 2066 when it sold €3 billion in 50 year bonds at Midswaps+50. According to MarketNews, the issue was over 3 times oversubscribed with the orderbook closing at €10.5 billion.

Here are the full details from Bloomberg:

Back in November 2008, then Russian president Dmitry Medvedev made a stark warning to NATO: "Russia will deploy Iskander missile systems in its enclave in Kaliningrad to neutralize, if necessary, the anti-ballistic missile system in Europe."