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Crude oil down (will consumers notice?)

| Posted by: Paul Donovan | Tags: Paul Donovan

  • The meeting of oil producers in Doha managed to agree nothing. Oil agreements are often more honoured in the breach than in the practice, but oil markets are disappointed producers have not set themselves a target to aim at.
  • Brazil's lower house of Congress voted to impeach President Rousseff (the Senate has to vote on the same issue). Markets had regarded the vote as likely to be close, which gives scope for a reaction.
  • We have a trio of Fed speakers on the agenda. Chair Yellen does appear to be attempting to impose some top-down authority on a previously collegiate structure on the FOMC, but there are strong minded and diverse opinions which should still be listened to.
  • The Bundesbank monthly report and a couple of ECB speakers enliven the European calendar. With members of the German government commenting on ECB policy (traditionally a taboo subject), the nuances of the Bundesbank view are interesting.