LONDON (The Deal) -- European and Asian stock markets rose on Monday on news the International Monetary Fund will raise its forecast for U.S. growth and as Chinese indices recovered.
IMF Managing Director Christine Lagarde said in an NBC interview on Sunday that the organization is lifting its growth forecast for the U.S. following a string of positive data and after a budget truce in Congress. The institution in October said it expects the American economy to expand by 2.6% in 2014.
In London, the FTSE was up 0.40% at 6,632.89. The market closes for trading for two and a half days from 1:15 p.m. local time on Tuesday.
In Frankfurt, where stock markets are closed Tuesday, Thursday and Friday, the DAX climbed 0.41% to 9,438.69. In Paris, where trading ends at mid-day Tuesday and resumes Friday, the CAC 40 was up 0.01% at 4,194.09.
In London, Apple (AAPL) supplier ARM Holdings (ARMH) rose on expectations an alliance between the U.S. company and China Mobile (CHL) over iPhones will bolster demand for the smartphones and therefore for the chips that it manufactures.
In Milan, Telecom Italia lost ground after its board, led by CEO Marco Patuano, fended off a challenge from an activist investor at a Friday shareholders meeting.
Italian fashion house Prada tumbled more than 4% in Hong Kong after a disappointing third-quarter earnings report late Friday.
Wireless services operator China Mobile edged higher in Hong Kong confirmation of the long-awaited Apple alliance.
The Hang Seng closed up 0.46% at 22,921.56, while three out of four mainland Chinese indices rebounded after nine days of losses.