The IMF hints it may upgrade the global growth outlook for the year as the economic forecast shows early signs of brightening. Speaking during a CNBC panel at the World Economic Forum in Davos, managing director Kristalina Georgieva warned that rising rates could still hamper an upturn. The dollar falls on expectations of less aggressive Fed rate increases while the euro hits a nine-month high after ECB President Christine Lagarde tells CNBC there are more 50bps hikes to come. Tech stocks are in focus ahead of earnings this week after the Nasdaq posts its third consecutive week of gains. In China, a major Covid exit wave looks unlikely as up to 80 per cent of the population has already been infected, according to top scientists. German Chancellor Olaf Scholz and French President Emmanuel Macron meet in Paris and vow closer EU ties in the face of greater economic competition from the U.S. and geo-political threats from Moscow.

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