April 18, 2016 - 4:27 AM EDT
Print Email Article Font Down Font Up
No Deal in Doha OPEC and Oil Producers Fail to come to an Agreement

*Stocks were mostly lower in Asian trade. The Nikkei lost 3.4%, Shanghai was off 1.4%, the Hang Seng fell 0.7% and Australia lost 0.4%. European indexes are mostly lower this morning, with the DAX and Footsie both off a slight fraction. US stock futures are moderately lower.

*On Saturday China announced its Q1 GDP on a quarter on quarter basis was just 1.1%. That’s the lowest print since this data series began in 2011 and it would make for an annualized GDP growth rate of about 4.5%. The problem is that earlier last week China announced the annualized Q1 GDP was 6.7%, matching the forecast. These figures don’t necessarily match up (the Q4 reading of QoQ was 1..6% and the YoY was 6.8%), but, for what it is worth, the latest quarter was notably different.

*No deal in Doha. OPEC and other oil producers failed to come up with an agreement to freeze oil production at current levels. Iran refused to play along and the Saudi’s said they would not act without Iran’s participation. Crude oil futures prices are down about 4% at the moment; front month WTI futures are at $38.67, which is $1.69 lower. OPEC is scheduled to meet June 2.

*Lawmakers in Brazil have voted to impeach President Dilma Rousseff. The motion now goes to the Senate.

*Morgan Stanley and IBM are among the companies set to report quarterly earnings today. Morgan Stanley beat the forecast; IBM will be out after the close.

*The April reading of the NAHB Housing Market Index is due out at 9:00am CDT, it is expected to be one higher on the month at 59.

*There are three Fed speakers on the calendar today, including: NY Fed boss Dudley at 7:30am CDT; Minneapolis Fedster Kashkari at 11:30am CDT; and Boston Fed’s Rosengren at 6:00pm CDT.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Source: Equities.com News (April 18, 2016 - 4:27 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice