Global stocks gain in Fed's cheery slipstream, dollar subdued

LONDON - Global stocks gained for a third straight day on Wednesday, bolstered by investors’ growing hopes that the Federal Reserve might cut interest rates this year to boost a slowing global economy, while the dollar languished near seven-week lows.

Interest rate futures show the U.S. central bank will start cutting rates as soon as next month, with as many as three rate cuts priced by year-end. Stock markets responded positively to Powell’s comments, with U.S. stocks registering their biggest one-day gains in five months. China is willing to meet reasonable demand for rare earths from other countries, but it would be unacceptable that countries using Chinese rare earths to manufacture products would turn around and suppress China, its commerce ministry said last week. China’s dominance as a supplier of rare earths could be a vital bargaining chip in the trade war with the U.S.

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