10 things you need to know before European markets open

Good morning! Here’s what you need to know.

Markets fell overnight. Asian shares dropped on Monday, dragged down by crude oil futures tumbling more than 5% after producers’ weekend talks failed to address the global supply glut.

Ecuador was hit by an earthquake. The strongest earthquake to hit Ecuador in decades flattened buildings and buckled highways along its Pacific coast. President Rafael Correa said at least 233 people had died and rescuers were struggling to reach survivors trapped in the rubble.

Brazil’s president will likely be impeached. Brazilian President Dilma Rousseff lost a decisive impeachment vote in the lower house of Congress on Sunday and appeared almost certain to be forced from office in a move that would end 13 years of leftist Workers’ Party rule.

A Japanese bank is daring to try where Nomura failed. Japan’s SMBC Nikko Securities, a unit of bank Sumitomo Mitsui Financial Group , is setting up a niche investment banking team in New York, its chief said, testing the waters of global finance just as domestic rival Nomura scales back.

Sony is assessing damage from the Japanese earthquake. Electronics giant Sony Corp on Sunday said production at its image sensor plant in Kumamoto, southern Japan, remained suspended as it assessed damage from a powerful earthquake.

North Korea could have another nuclear test. North Korea is likely to conduct its fifth nuclear test in the near future, possibly before its party congress in early May, South Korean government sources said based on their reading of activity around the test site.

Japan couldn’t get other G20 countries to help its currency decline. Japan’s efforts to seek informal consent to act against an unwelcome yen rise bore little fruit, with the United States offering a cool response to concerns voiced by Tokyo that the currency’s gains are too sharp and may justify intervention.

Saudi Arabia threatened to sell off its US assets. The Saudi Arabian government has threatened to sell of hundreds of billions of dollars’ worth of American assets should the US Congress pass a bill that could hold the kingdom responsible for any role in the Sept. 11, 2001 attacks.

The IMF wants to see more spending. The International Monetary Fund’s steering committee called on member countries to boost “growth-friendly” spending and said the Fund should explore new precautionary lending tools to help countries deal with slowing global economic growth.

VW is slashing car prices. Volkswagen AG is offering bigger discounts in its home market to try to lure back customers after the automaker admitted using software to allow diesel vehicles to cheat emissions tests.

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