UK Market Gains, Burberry Advances

(RTTNews) - The UK market is trading higher on Wednesday, after the World Bank raised its growth projections for the global economy saying that the easing of fiscal consolidation measures in high-income countries has boosted growth prospects.

Releasing the latest Global Economic Prospects report, the lender said it now expects the world economy to grow 3.2 percent this year, stronger than the 3 percent expansion forecast in the June report.

This is also better than the estimated 2.4 percent growth in 2013. Much of the initial acceleration reflects a pick-up in high-income economies, the bank said.

On a day of light economic news, data released by Eurostat showed that Eurozone exports declined for the first time in four months in November.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.39 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.37 percent.

The FTSE 100 index is adding 0.29 percent.

Burberry is surging 5 percent after the luxury group reported a significant increase in third-quarter retail sales.

Anglo American is adding 3.8 percent. UBS raised the stock to ''Buy'' from ''Neutral.''

Essenden, an operator of bowling and entertainment centers, reported strong growth in like-for-like sales mainly in its Christmas and New year period. The stock is surging 22 percent.

Hargreaves Lansdown is down 4 percent after announcing charges related to Retail Distribution review.

Other markets in the region are also trading higher.

The Asian stocks rebounded from the previous session's sell-off amid optimism the global economy is strengthening.

In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks posted solid gains, buoyed by better-than-expected retail sales figures as well as forecast-beating results from J.P. Morgan Chase and Wells Fargo. The Dow rose 0.7 percent, the tech-heavy Nasdaq rallied 1.7 percent and the S&P 500 advanced 1.1 percent.

Crude for February delivery is adding $0.13 to $92.72 per barrel, while gold is up $9.3 at $1236.1 a troy ounce.