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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