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Futures Rebound Despite Turkey Slaughter

Global markets, bond yields slid and the Turkish lira plunged towards a record low against on Monday after President Tayyip Erdogan shocked investors by replacing the country’s hawkish central bank governor with a critic of high interest rates, Turkey’s 4th new central bank head in 2 years.

However the global weakness took place against a backdrop of a pending short squeeze in the US, and despite the Turkey slaughter, the weakness was faded as the Emini S&P and Nasdaq 100 futures climbed alongside European technology shares on Monday as a drop in Treasury yields boosted pricier parts of the stock market. At 07:00 am ET, Dow E-minis were down 15 points, or 0.05%, S&P 500 E-minis were up 7.5 points, or 0.2% and Nasdaq 100 E-minis were up 104.5 points, or 0.8%.

Kansas City Southern jumped about 17% after Canadian Pacific Railway Ltd agreed to acquire the railroad operator in a $25 billion cash-and-stock deal to create the first railway spanning the United States, Mexico and Canada. Intel, Microsoft Corp and Apple led gains among Dow components in trading before the bell. Big U.S. bank slipped about 1% as yields dropped .

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