Hi All,
Today's news that
Lehman Bros confirms it has filed for Ch 11 bankruptcy, but says none of its
broker-dealer subsidiaries or other subsidiaries of parent will be included,
adding all broker-dealers will continue to operate.
Don't think this will not effect you - those of you with
a
Spanish Mortgages
or
French Mortgages
will be faced with Higher
European Interest Rates
due to higher funding costs worldwide even if the
European Central Bank
or
Bank of England
are forced to cut interest rates.
When the US Stock Markets open today
the ECB who has to date refused to cut interest rates
may have no choice but to reconsider its stance,
especially if the US Stocks nose dive and drag the rest
of the worlds financial markets with
it. Remember the ECB acted before to constrain the
market panic with the Fed Reserve to calm equity markets
after the September 11 attacks by cutting
European interest rates by 0.50% to 3.75%
to boost confidence.
We are watching this story develop and will keep you
posted on the outcome later today with an extra daily
report
Best Euro Exchange Rates when you need to
Buy Euros visit
IMS Foreign Exchange
Pounds to Euros
currently 1.2590
Pounds to US Dollars currently 1.7865
Pounds to Australian Dollar currently 2.2188
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