Daily Agenda: Weekend IMF, OPEC Meetings Yield Mixed Results

The meeting of the Organization of Petroleum Exporting Countries (OPEC) in Qatar this past meeting to discuss possible caps for oil production was complicated when Iran withdrew at the last minute, preventing a consensus among the 12 member nations. The next regular OPEC meeting will not be until June. With an economy battered by Western sanctions that have just been lifted, Iran’s government has signaled that it has no intention of freezing production. Despite the assurance of Russian Energy Minister Alexander Novak that his nation — the largest non-OPEC producer after the U.S.— would be amenable to a deal, Iran’s absence created a void that could not be overcome. West Texas Intermediate-grade futures contracts for front-month delivery fell by nearly 3 percent in trading early today, pulling the ruble lower with it. Meanwhile meetings of theInternational Monetary Fundand theGroup of 20both resulted in warnings that risks to global growth and financial stability have increased since last year, casting a shadow over investor sentiment.

Rousseff loses impeachment vote.何越低use ofBrazil’s Congress voted to impeach President Dilma Rousseff during a special session yesterday, after her opponents secured the necessary two-thirds majority. The process will now proceed to the Senate, which will require only a simple majority for conviction. A crowd of some 250,000 anti-Rousseff protesters filled the streets of Sao Paulo to cheer the decision.

Morgan Stanley exceeds estimates.Morgan Stanleyreleased first-quarter 2016 financial results today, which included profits that were more than 50 percent lower than the same period in 2015 but still beat consensus analyst estimates. The company reported net earnings of 55 cents per share versus $1.18 during the first quarter of 2015. The firm reported lower costs, including sharply reduced compensation as well as lower returns on fixed income and equity trading. Revenues for wealth management, a larger focus for the reorganized firm, also dipped by 4 percent year-over-year.

Ecuador suffers earthquake.Over the weekend, Ecuador was hit by a 7.8 Richter-scale earthquake centered near Pedernales. The death toll has risen to more than 250 while the number of reported injured is in the thousands. This marks the worst quake in Ecuador since 1979. The South American country has received offers of aid from governments throughout the region as well as the U.S.

阿布扎比说，马来西亚国家基金违约。Abu Dhabi’s sovereign wealth fund reported today that1Malaysia Development Bhd（1MDB）是马来西亚政府监督的陷入困境的发展基金，违约了超过10亿美元的债务，释放海湾国家从义务进一步支持基金。该开发随着更多国际调查在1MDB的可能性上，为马来西亚的财政部和纳吉·拉兹坦的纳吉·拉塔克提供了一个政治泥潭。

Home prices rise in China.National Bureau of Statistics data released today revealed that new home prices rose in China in March with 62 of the 70 cities analyzed gaining for the month. A rapid rise in costs for key cities is expected by many economists to prompt further intervention by the central bank. In Shenzhen, March prices were more than 60 percent higher than the same month last year.