FURTHER FURTHER READING
- How the price of oil and gasoline could crash.
- RIP, American Dream?
- Gavyn Davies and John Authers on Ben Bernanke. 
- Four charts to track timing for QE tapering.
- US monetary policy: as good as it gets?
- The financial market freakout in five charts.
ROUND-UP
FT markets round-up: "An abrupt global sell-off in equities, bonds and commodities on Thursday has fuelled fears that the world is entering a fresh phase of financial turbulence as the US Federal Reserve prepares to ease its large-scale asset purchases. Emerging markets were among the worst hit in volatile trading after Ben Bernanke, Fed chairman, on Wednesday set out the case for slowing the pace of QE3 this year as the US economy picks up momentum. As the dollar strengthened, gold prices tumbled by as much as 4.8 per cent to a two-and-a-half-year low. Oil fell 3.3 per cent. Yields on 10-year US Treasuries, which move inversely with prices, hit 2.47 per cent at one point – up from a low of 1.61 per cent in early May – although a steep fall in US equity prices later encouraged a move back into government debt." (Financial Times)
IMF to suspend aid payments to Greece unless bailout hole plugged: "The International Monetary Fund is preparing to suspend aid payments to Greece by the end of next month unless eurozone leaders plug a €3bn-€4bn shortfall that has opened up in Greece's €172bn rescue programme, according to officials involved in management of the bailout. The gap emerged after eurozone central banks refused to roll over Greek bonds they hold, and comes amid signs that even the scaled-back privatisation plan Athens agreed to last year is falling behind schedule." (Financial Times)
Oracle disappoints on weak software sales: "Oracle disappointed Wall Street with weak revenue growth for the second consecutive quarter, as the US business software maker on Thursday reported an increase of only 1 per cent in a key measure of new software sales. The lacklustre revenue picture, coming in Oracle's all-important fourth fiscal quarter, contributed to an immediate 8 per cent share price fall in after-market trading in New York ahead of an analyst call by company executives." (Financial Times)
Germany blocks Turkey's bid to join EU: "Germany has blocked the start of EU talks with Turkey in the wake of Ankara's crackdown on mass demonstrations this month, a move some Turkish officials suggest could lead to an irreparable break with Brussels. The impasse highlights the possible international consequences of Ankara's use of police force on peaceful demonstrators." (Financial Times)
