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Stocks pause near five-month peaks on note of caution

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World stocks paused near five-month highs on Wednesday, as signs that central banks might need to keep hiking interest rates for longer dampened a recent wave of optimism that aggressive monetary tightening by big central banks was almost done.

In currency markets, the Australian dollar surged to $0.7123 after the latest inflation data. Australia's currency has risen 1.6% this week and is poised for its biggest weekly jump in over two months.

Canada's dollar was trading nearly unchanged at 1.3370 to the greenback ahead of the Bank of Canada's rate decision. "This is, at least, what market pricing seems to suggest, with 17 bps of tightening priced in for today’s announcement," he said, adding that he expected a 25 bps rate increase.German business morale brightenedGermany's Ifo institute said its business climate index rose to 90.2, in line with the consensus, according to a Reuters poll of analysts, and up from 88.6 in December.

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