Forex News and Rumors for September 10th, 2008

Lehman Announces $3.9 Billion 3rd Quarter Loss

Lehman Brothers – the fourth-largest investment bank in the U.S. – plans to sell assets in the face of a 3rd quarter loss of $3.8 billion. This brings Lehman’s total losses to $6.5 billion for the year and its stock price has cratered more than 80%.

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OPEC to Reduce Output by 500,000 Barrels

OPEC producers have imposed quota restrictions to reduce output by more than 500,000 barrels a day. OPEC also announced that it has reached a new agreement with Russia that while asserting Russia’s independence on matters dealing with oil production, still aims to improve cooperation between the two parties.

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Profit-Taking Blamed for Drop in Crude Prices

Two reports – one from hedge fund Masters Capital Management and one from the U.S.-based Commodity Futures Trading Commission (CFTC) – are to be released today and tomorrow. Both will look at the impact that commodity index investors have had on crude oil prices.

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Swedish Output Increase Boosts Krona

Industrial Production in Sweden increased 1.2% for July contrasting predictions expecting a slight drop.

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Ruble Hits Year-Long Low as Stock Prices Weaken

The Moscow Interbank Currency Exchange (MICEX) – Russia’s primary stock exchange index – fell more than 5% yesterday forcing the Ruble to its lowest level in the past year.

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