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Market Update : 
Merrill Lynch Upgrade Lifts U.S. Stock Futures
Author: Elena Todorova
123jump.com
Last Update: 9:05 AM EDT August 06 2007


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U.S. stock futures advanced slightly on Monday, lifted by gains in the troubled financial services sector and speculations that the Fed Reserve will decide on interest-rate policy that will be favorable to the economy’s health. The positive news for financial stocks was brought by Merrill Lynch which gained 1.8% in pre-market trading after UBS raised its rating on the shares of the brokerage to a buy from neutral.

 
Sony fell 3% to close at 5,930 yen on rising yen and worries that a delay in launch of revised version of popular game from Take Two Interactive may affect Sony PlayStation 3 sales.

Consumer, industrial and stocks not related to financial markets managed to close higher. NGK Insulators jumped 6%, Japan Tobacco advanced 4%, Kubota Corp rose 2.6%. West Japan Railways increased 2.6% and East Japan railways edged 1.5% higher. Fall in oil prices lifted stocks of utilities and oil refining companies. Inpex Holdings, Nippon Mining, All Nippon Air, Nippon Express, and Kansai Electric Power jumped more than 1%.

Mitsubishi Electric led the stocks in Nikkei Index after its joint venture with Hitachi Renesas Technology expects its China sales to double in the next four to five years.
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