Forex News and Rumors for October 16th, 2008

Merrill Lynch Posts Loss of $5.1 Billion

The brokerage house, which last month accepted a takeover bid from Bank of America also said it would issue $10 billion of non-voting preferred stock and related warrants to the U.S. Treasury under the government program that gave Bank of America a $25 billion capital injection earlier this month.

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$2.8 Billion Loss at Citigroup on More Write-Downs

The bank took more than $13.2 billion in charges in the third quarter, bringing the total amount of write-offs and credit losses since the credit crisis began last year to more than $64 billion.

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Switzerland unveils UBS bail-out

UBS is raising 6bn Swiss francs ($5.3bn; £3.1bn) from the government.

It will also be able to transfer up to $60bn of distressed assets to a fund supported by the Swiss central bank.

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EU central bank gives Hungary access to $6.75B

Hungary’s currency, the forint, has been under pressure for days and has weakened markedly against the euro and the U.S. dollar.

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Nikkei Sinks 11.4%, Worst Loss Since ’87 Crash

The Nikkei average tumbled more than 11 percent on Thursday in its biggest one-day loss since the 1987 stock market crash after weak U.S. economic data intensified fears that recent global financial rescue measures will not be enough to stave off a recession.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza