A good bad weekend -by-Michael Oyebamiji

The past weekend could be said to be the most anticipated weekend for traders and investors across the globe. Commodity traders especially oil traders and investors were patiently waiting or a decision from OPEC meeting in DOHA regarding oil output freeze. Also, Traders and investors in Emerging markets especially those exposed to Brazilian assets were also patiently waiting for a vote outcome regarding impeaching the Roussef; the President of Brazil.

Again, OPEC meeting ended in deadlock regarding freezing production output in other to curb supply gloat and jack up prices. The absence of Iran from the meeting was the major reason highlighted by Saudi Arabia and other countries as to why they couldn’t reach an agreement. on the back of this disappointing news to oil bulls, bears took a good advantage as market opened with a gap down by more than  -6% coming off from the highs of $43 now trading around the lows of $39. Commodity related currencies like Canadian Dollar is also losing ground against the USD.

In Brazil, the parliament voted in favour of impeaching president Rouseef. Therefore, the resident will face an impeachment trial which is likely to get her out of office. On the back of this Brazil stock market (BOVESPA) rallied massively. This is seen as good news for the economy and investor confidence. President Roussef has been accused of gross corruption and embezzlement of public funds.