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Market Update : 
More Banks Raise Capital, Oil Above $117
Author: 123jump.com Staff
123jump.com
Last Update: 5:01 PM EDT April 21 2008


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Bank of America earnings plunged 76% on mounting subprime and mortgage losses and it provisioned $6 billion to cover asset write downs. Citigroup plans to sell at least $5 billion of securities to bolster its captial base. National City, the tenth largest U.S. bank cut its dividend to 1 cent from 21 cents and reported a quarterly loss. The embattled bank also sold stock at 40% discount to raise $7 billion.

 
Better than expected earnings from NEC lifted tech stocks and weaker yen against the dollar also helped exporter to rise. Honda led the gainers in the Nikkei 225 index.

In Australia ASX 200 index higher 170.60 or 3.14% to close 5,600.30. In Malaysia KL Composite index increased 12.35 or 0.97% closed to 1,280.00.

In South Korea Kospi Index increased 28.58 or 1.61% to close at 1,800.48, in Thailand SET index closed lower 3.42 or 0.40% to 841.98 and Indonesia JSE Index edged decreased 13.38 or 0.57% to 2,335.89.


Commodities, Metals, and Currencies

Crude oil increased $0.87 to close at $117.56 a barrel for a front month contract, natural gas increased 12 cent to $10.71 per mBtu, and gasoline futures decreased 64 cents to close at 297.24 cents per gallon.

Gold increased $2.40 in New York trading to close at $917.60 per ounce, silver closed down $0.46 cents to $17.36 per ounce, and copper for front month delivery decreased 2.60 cents to $3.866 per pound.

Wheat futures decreased 25.5 cents in Chicago trading and closed at $8.59 per bushel. Sugar decreased 70 cent to $12.59 per pound. Soybean future closed down 46.00 cents to $13.30 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5924 and edged higher against yen to 103.16.

Yields on U.S. bonds increased to 3.71% with 10 years of maturities and decreased 4.47% with 30-year of maturities.
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