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Equity markets welcomed the international financial organisation's outlook for 2014, in which it raised its global growth forecasts for the year. Strong German GDP figures gave the Frankfurt market fuel to surge ahead of its European counterparts. In London, Taylor Wimpey posted a 7% increase in sales, as the Help to Buy scheme has paid dividends for UK homebuilders. Tullow Oil raised its revenue and profit forecast, as discoveries in Kenya are expected to boost production. However, the Irish oil exploration company is still surrounded by takeover talk.
Burberry is setting the trend this morning. The fashion house revealed a 14% rise in revenues over the last three months of 2013, and it is making additional inroads into China, where two new shops have been opened. Mineral extractor Anglo American is leading the miners higher, and the company was upgraded by UBS. The Swiss investment bank feels the stock is undervalued.
In the US, we are expecting the Dow Jones to open ten points higher at 16,383, as investors look ahead to the beige book update this evening.