Global stocks at five-week high amid hope of less hawkish Fed

Signs that US Federal Reserve may start to slow its aggressive tightening cycle has lifted global sentimentAn employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group Plc's offices in London, UK. File photo: BLOOMBERG/LUKE MACGREGOR

But European shares headed higher, having opened softer, drawing some comfort from upbeat bank earnings. Deutsche Bank posted a better-than-expected jump in third-quarter profit, while British bank Barclays also beat profit forecasts on a trading boom.

The euro pushed back above $1 for the first time in five weeks, while the dollar index — which measures the dollar’s value against a basket of other major currencies — fell to a three-week low. Shane Oliver, head of investment strategy and chief economist at AMP Capital, said the Asia rally had been aided by expectations that the Fed might slow down the pace of rate hikes after another big increase next week.A poll by Reuters showed economists once again cut growth forecasts for key economies, with the global economy approaching a recession.

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Dollar sags as bets build for less hawkish Fed - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The dollar wallowed near a three-week low versus major peers on Wednesday as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve. Mxm since when nowPhalaPhalaFarmGate
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Dollar eases amid bets on less hawkish Fed; sterling firm - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The safe-haven US dollar eased against peers on Tuesday amid signs Federal Reserve rate hikes are already putting the brakes on the world’s biggest economy, while risk sentiment improved with Rishi Sunak about to become Britain’s Prime Minister.
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'Positive signs' over Australia entry, says Djokovic - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Nine-times champion Novak Djokovic says there are “positive signs” that his three-year ban on entering Australia will be waived so he can play at the next Australian Open in January.
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