U.S. stocks opened higher after MBIA and IndyMac reported losses and HSBC set aside $3.2 billion to cover losses in its U.S. residential mortgage portfolio. China increased bank reserve ratio for the fourth time to curb the rising inflation and India reported weak industrial production gains. MBIA reported a loss of $2.4 billion compared to $198 million a year ago. IndyMac, the troubled bank with a significant mortgage loan exposure raised $97 million for the year so far. |
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