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Citigroup Inc and Bank of America Corp shares rallied in premarket trading ahead of the release of "stress test" results that will force them and other top banks to raise tens of billions of dollars in capital.
The Japanese stock market shot up after a three-day public holiday, catching up on this week’s global markets rally as investors took an upbeat view of the world’s economic prospects.
Bank of America needs $34 billion in extra cash, a source familiar with U.S. government stress tests on leading banks told Reuters, unsettling markets and stoking talk of a possible asset sale in China.