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FTSE, CAC, DAX to Open Higher; IMF Growth Forecast
25 Jan 2012 EST - CNBC.com
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European stocks were called to open higher on Wednesday a day after the International Monetary Fund (IMF) revised its global growth forecast for 2012.

The FTSE is called 13 points higher, the DAX in Frankfurt is expected to be up by 30 points and the CAC 40 is called higher by 10 points.

In Asia overnight, shares rose and the euro held steady against the dollar but failed to reach the three week high of $1.3063 hit on Tuesday.

Better-than-expected service sector PMI data from the euro zone raised hopes that the common currency area could avoid a recession, but the IMF cut global growth forecasts and warned "this is largely because the euro area economy is now expected to go into a mild recession in 2012."

In its World Economic Outlook report, the IMF said its growth forecast for the year had been cut by 0.7 percent to 3.3 percent because "a perilous new phase" had begun for the euro zone.

In his State of the Union Address delivered on Tuesday, US President Barack Obama promised to change tax regulations so millionaires pay at least 30 percent on their annual incomes.

His comments have been widely seen as a swipe at Republican primary candidate and potential presidential rival Mitt Romney who declared earlier this week that he paid around 13 percent on an annual income of $42 million last year.

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