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Turkey Power Struggle Finds Erdogan Outlasting PM

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Turkey's prime minister said to be on his way out, Tesla gets very ambitious and Brexit weighs on the U.K. economy. Here are some of the things people in markets are talking about today.

Turkey PM said to step down

Turkey's benchmark Borsa Istanbul 100 Index dropped 1.5 percent by 5:21 a.m. ET extending its losses for the week to 8.3 percent, as the country's political crisis mounts. Yesterday's meeting between Prime Minister Ahmet Davutoglu and President Recep Tayyip Erdogan ended without agreement between the two leaders, leading to expectations of Davutoglu's imminent resignation. The Turkish lira has also come under pressure, moving as high as 2.98 to the dollar from 2.79 on Monday.

Tesla ambitions

Shares of Tesla Motors Inc. rose in extended trading after the company announced better-than-expected results and reaffirmed the outlook for the rest of the year. The scope of the company's ambitions became clear in its longer-term forecast where it moved its target for producing an annual 500,000 electric cars forward to 2018, from 2020 previously. That would require a ten-fold increase on the carmaker's 2015 output. It also means Tesla is likely to require more money

Brexit weighs on the U.K.

In the U.K. today there are local and mayoral elections, but it is still the vote on the Brexit referendum that is weighing most heavily on the economy. Markit Economics said its services Purchasing Managers Index dropped to 52.3  in April, its lowest level in three years. Chris Williamson, chief economist at Markit said “Uncertainty about the EU referendum caused customers to hold back on purchases, exacerbating already-weak demand.” The pound traded largely unchanged after the data, after falling in the previous two sessions.

Markets flat

The MSCI Asia Pacific excluding Japan Index slid 0.3 percent in light trading as equity markets in Japan, South Korea, Thailand, and Indonesia are closed for holidays. In Europe the Stoxx 600 Index was 0.3 percent higher at 5:57 a.m. ET as energy companies rallied on higher oil prices. S&P 500 futures were 0.6 percent higher. Gold was lower.

Coming Up...

While the big data point this week is tomorrow's jobs report, there is still plenty to look out for later this morning. At 8:30 a.m., Initial Jobless Claims data for the week ending April 30 will be released, and with this number on a run of generational lows, it will be watched closely to see if the trend continues. At 9:45 a.m. the latest Bloomberg Consumer Confidence Index will be published. After the bell, there are earnings from Square Inc., GoPro Inc. and Herbalife Ltd. to watch out for.

What we've been reading 

This is what's caught our eye over the last 24 hours.

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