-Wall Street up on IMF forecast
-Spanish debt sale eases euro fears

An improved IMF forecast for global growth and a successful Spanish debt auction cheered New York investors as Wall Street bounced back from its recent slump.

The IMF lifted its forecast for 2012 world economic growth from 3.3% to 3.5% and added US growth through the year will be 2.1%.

Meanwhile, Spain managed to sell €3.18bn in 12 and 18 month bonds before US markets opened. Demand was high, with the bid to cover ratio on the 12 month bonds at 2.9, for the 18 month maturities the ratio was 3.77.

In Germany, data from the ZEW Centre for European Economic Research showed improving investor confidence in Europe's largest economy. The ZEW index of investor and analyst expectations rose from 22.3 in March to 23.4 in April.

Companies

Coca Cola rose after announcing better than expected earnings.

Citigroup and Bank of America both rose, following the big rises seen amongst their European peers.

Apple was up 3.6% just after midday after nearly a week of falls.

Other markets

Front month West Texas crude futures had gained 1.44% by 12:16 to hit the $1.0441 per barrel mark.

The dollar had gained 0.15% by 12:29 to hit $1.3122 per euro.

BS

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