Right, so German equities just had their worst day of the year.

As noted earlier, a rout in automakers tied to reports of possible collusion didn’t help matters. Here’s Bloomberg’s quick summary:

Another week, another scare from the German car industry.

What began with Daimler AG’s massive recall of more than 3 million diesel cars to lower their emissions, ended on Friday with Audi also embarking on a voluntary recall of 850,000 vehicles. Adding to the spate of bad news was a report in Der Spiegel magazine that the biggest car manufacturers — Daimler, BMW AG and Volkswagen AG as well as VW’s Audi and Porsche brands — may have colluded for decades on technology. The companies declined to comment.

Shares of BMW, VW and Daimler tumbled on the report, which cited a document submitted by Volkswagen in July 2016 and referenced another from Daimler.

Yes, all kinds of “collusion” that may have been going on for a long time – ring any bells America?

And then there’s the stronger euro to worry about…

Oh, and Erdogan is furious with Berlin:

Germany Trying to Scare Turkey, Doesn’t Get Free Market: Erdogan

— Walter White (@heisenbergrpt) July 21, 2017

Diplomatic relations between Turkey and Germany have taken a dramatic turn for the worst of late after Turkey arrested German human rights consultant Peter Steudtner and five other people including Amnesty International’s country director, Idil Eser, on suspicion of aiding terrorists.

That irritated Angela Merkel, whose spokesman Steffen Seibert suggested the development marked a “serious and sad” turn in German–Turkish relations.

That was 2 days ago and it only got worse (and more absurd) from there.

Next, Ankara sent Germany a list with “dozens” of companies (including Daimler AG, BASF SE and a fast food doener kebab stall), that Erdogan swears are supporting terrorism and have ties to his arch nemesis Fethullah Gülen. I challenge you not to laugh at that.