If the current trend in petroleum and minerals prices continues, trade deficit in the second quarter may rise again.

Bank of America Raises $7.3 billion

Bank of America sold its 5.8% stake in China Construction Bank Corp for $7.3 billion.

The bank sold its 13.5 billion shares that were released after the expiration of the lock up period on May 7. Bank of America still holds 25.6 billion shares that it cannot sell till August 2011.

The stocks were purchased by an investment partnership that was led by Hopu Investment Management Company and included Singapore government controlled fund Temasek Holdings Pte.

Three independent sources in Hong Kong, Singapore and Charlotte, North Carolina confirmed the sale. Bloomberg first reported the deal news.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 153.37 or 1.62% to 9,298.61, Hang Seng index in Hong Kong increased 65.69 or 0.38% closed to 17,153.64, CSI 300 index in China higher 63.25 or 2.32% closed to 2,788.56. ASX 200 index in Australia decreased 48.80 or 1.24% closed to 3,877.20. The KL Composite index in Malaysia lower 2.48 or 0.24% closed to 1,023.02.

The Kospi Index in South Korea decreased 11.65 or 0.82% to close at 1,403.51. SET index in Thailand closed higher 9.36 or 1.75% to 544.54 and JSE Index in Indonesia increased 11.28 or 0.62% closed to 1,842.02. The Sensex index in India increased 475.04 or 4.07% closed to 12,158.03.

Europe Markets Review

In London FTSE 100 Index traded lower 18.64 or 0.42% to 4,416.86, in Paris CAC 40 Index decreased 17.45 or 0.54% to 3,231.22 and in Frankfurt DAX index traded higher 12.67 or 0.26% to 4,879.58. In Zurich trading SMI increased 2.88 or 0.05% to 5,361.82.