European stocks close:

Most European stocks rose as the International Monetary Fund said it plans to raise as much as $500 billion to expand its lending resources and Greece neared a debt deal with its private creditors.

The IMF aims to increase its resources to safeguard the global economy after identifying a potential need for $1 trillion in financing in coming years, an IMF spokesman said in a statement. The IMF will not comment further until it has consulted its members, the fund said.

Greece is close to a deal with private creditors that would give them cash and securities with a market value of about 32 cents per euro of government debt, according to Bruce Richards, who is on the creditors’ committee and chief executive officer for Marathon Asset Management LP.

The World Bank cut its global growth forecast by the most in three years today, saying that a recession in the euro region threatens to exacerbate a slowdown in emerging markets such as India and Mexico.

The world economy will grow 2.5 percent this year, down from a June estimate of 3.6 percent, the Washington-based institution said. The euro area may contract 0.3 percent, compared with a previous estimate of a 1.8 percent gain. The World Bank cut its outlook for U.S. growth to 2.2 percent from 2.9 percent.

The German government trimmed its forecast for 2012 growth in Europe’s biggest economy to 0.7 percent from a previous 1 percent estimate.

Germany sold two-year notes at a record-low yield today after euro-area ratings downgrades by Standard & Poor’s on Jan. 13. Portugal auctioned its targeted amount of 2.5 billion euros ($3.2 billion) of securities at a sale of three-, six- and 11- month treasury bills.

Accor SA advanced 4.3 percent to 21.97 euros. The French hotelier, which generated 73 percent of its sales from Europe in 2010, said revenue rose 2.5 percent in 2011 and reiterated its forecast for full-year earnings before interest and taxes.

Man Group Plc jumped 6.8 percent to 114.4 pence. The world’s largest publicly traded hedge fund said it will reduce pay and eliminate jobs in a plan to reduce costs by about 10 percent as market turmoil prompted clients to withdraw money.

Commerzbank fell 1.7 percent to 1.41 euros as Moody’s cut Commerzbank’s financial-strength rating to D+ from C-. The rating represents Moody’s opinion of a lender’s intrinsic safety and soundness and doesn’t address the probability of timely repayment of debt, according to the company’s definitions.

Tullow Oil Plc declined 4.2 percent to 1,394 pence, its biggest retreat since Nov. 9. The London-based oil explorer with the highest number of licenses in Africa dropped after delaying full production from its Jubilee field in Ghana by at least a year.