Turkey Contagion

It's unlikely that Turkey's debt crisis will have a meaningful effect on global markets.  The IMF will likely step in and bail out the nation.  Other central banks will make sure there is plenty of liquidity to prevent contagion as well.  Most of the time that liquidity finds its way into stock markets.

Wage inflation spiked on the previous NFP.  Data from the recent NFP shows wages growing at 2.7% yoy.  The past 3 recession were preceded by annual wage growth of more than 4%.