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%.
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.
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.
Swedish Output Increase Boosts Krona
Industrial Production in Sweden increased 1.2% for July contrasting predictions expecting a slight drop.
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.
