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Tuesday, October 7, 2008

Lehman to file for bankruptcy; BankAm buys Merrill

US investment bank Lehman Brothers announced today that it intended to file for bankruptcy "in order to protect its assets and maximise value."

The financial firm said in a statement that the filing was authorised by its board of directors and will occur at the United States Bankruptcy Court for the Southern District of New York today.

"Customers of Lehman Brothers, including customers of its wholly-owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts," the statement said.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Jun 03
19:30 Fed's Bostic speech 2
19:30 JOLTS Job Openings 2 7.391M 7.100M 7.200M Revised from 7.192M
n/a GDT Price Index 1 -1.6% -0.9%
22:15 Fed's Goolsbee speech 2
22:30 Fed's Cook speech 2
Wednesday, Jun 04
n/a Total Vehicle Sales 1 16.3M 17.3M
02:00 API Weekly Crude Oil Stock 1 -4.236M
04:30 AiG Industry Index 2 -15
04:30 Ai Group Manufacturing PMI 1 -26.5
04:30 S&P Global Services PMI 2 50.5 50.5
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