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European stocks rise on upbeat IMF report

European stocks rose Wednesday as an upbeat report by the International Monetary Fund and strong German jobs data offset worries over weak U.S. consumer confidence. Asian markets were mixed.

Germany’s DAX was up 0.4 percent at 5,737.66, Britain’s FTSE 100 gained 0.5 percent at 5,185.74 and France’s CAC-40 rose 0.7 percent to 3,839.03.

Gains in Japan were limited by a rise in the yen, which hurts its exporters, while Wall Street was expected to edge higher on the open. Dow industrials futures were up 31 points at 9,704.00 and Standard & Poor’s 500 futures were up 5.10 points at 1,059.90.

The IMF reduced its estimate of likely losses from the financial crisis in the three years to 2010 — by $600 billion to $3.4 trillion — as the world economy grows faster than previously expected.

“Systemic risks have been substantially reduced following unprecedented policy actions and nascent signs of improvement in the real economy,” the IMF said in its half-yearly Global Financial Stability Report.

“There is growing confidence that the global economy has turned the corner, underpinning the improvements in financial markets,” it added.

The IMF cautioned, however, that there was still a strong need for extra capital.

Read original article @ Yahoo Finance

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