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Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

With no North Korean nuclear test over the weeknd contrary to a Friday morning rumor, S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend's RRR cut.

Why One Trader Thinks The Turkish Crash Will Lead To EM Contagion

Why One Trader Thinks The Turkish Crash Will Lead To EM Contagion

Yesterday when we discussed the dramatic crash in the Turkish lira, resulting from the visa suspension drama at both Turkish and US consulates, we noted that "this is the currency's seventh consecutive decline, after dropping on Friday amid concern Fed tightening would hurt EM currencies, and should it persist may finally have an adverse impact on other EM currencies, not to mention various other local Turkish asset classes when markets reopen in a few hours."

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