Markets & Market Moving News....
Emerging Market High Yield Index at new all-time high. MSCI EM equity index still 26% below its all-time high in '07
Another all-time high in Leveraged Loans, up in 95 out of the past 99 trading days. Historic rally in credit.
New all-time high (total return) for the SPDR S&P 500 ETF, up 260% from the March 2009 low. $SPY
First time in 2016: all 9 S&P 500 Sector ETFs positive YTD and above their 200-day moving average. $SPY
US Yield curve at flattest level since November 2007, 91 bps spread b/t 10s and 2s.
Turkey In Focus .....
Leading Turkish tourism player expects $15 bln loss in revenue in 2016 http://bit.ly/1Y4mOxg
Reprehensible statement - and this comes from Turkey's Justice Minister.
Erdogan not going to be pleased this statement. Not a good Thursday for Erdogan.
ANALYSIS: From master to observer - how Turkey became irrelevant in Manbij http://ow.ly/qNQl300R1Cu
As expected , Turkey extremely upset by Germany passing the Resolution. Now we wait for the blowback.
Turkey found to be an unsafe country -ten such decisions now.
UK In Focus , Brexit Items
David Miliband: our financial services are a "showcase of success"—but Brexit would threaten them http://www.prospectmagazine.co.uk/politics/david-miliband-our-financial-services-will-be-at-risk-if-we-leave-the-eu …
Military think-tank warns on Brexit shock http://on.ft.com/1sQnJoO
Imagine that ?
11,000 jobs hang in the balance...
Pimco comment on Brexit. .
Temer team say that Brazil economy will only improve when impeachment process complete. Sounds like excuses to me http://bit.ly/1WxrTPd
OECD slashes Brazil growth forecast, citing political uncertainty and corruption worries. http://u.afp.com/ZE6k
Suspended president Rousseff finally got the Brazil economy moving. Well, sort of. http://onforb.es/1UhtD8P
Zika not the only reason Rio Olympics need to be moved or postponed.
Euro 2016 starts in a week , right ? Let's see how long PM Vallas stands by his words.
Less than 5,000 a year.....France leaving the heavy lifting to Germany.
High water levels very obvious under Pont Charles de Gaulle
Just ahead of Euro 2016, strikes paralyze France in ongoing labor market battle - trains, planes & fuel impacted.
Odds & Ends....
ECB holds key rates steady, makes no announcement on Greece http://dlvr.it/LSf13Z
Donald Tusk urged Europeans to abandon dreams of federal Europe as these will stoke the rise of anti-EU populists.
Makes sense. Institutions need to assess new clauses to be voted in Greek parliament today & then give report to EWG
China imported 4.81 mln ton of Russian crude in April and to settle in RMB, more than Saudi.
Residents desperate as anti-IS forces move on Manbij http://ow.ly/TkSq300PdTC