Stocks gain, dollar sags as Fed chief shores up rate cut prospects

LONDON: World stocks rose, global bond yields fell and the dollar weakened after Federal Reserve Chairman Jerome Powell bolstered expectations the Fed would cut U.S. interest rates soon.

The Europe gains follow healthy rises in Asia, where MSCI's broadest index of Asia-Pacific shares ex-Japan rose 1per cent. Japan's Nikkei added 0.5per cent. The chance of a 50 bps cut rose to 27.6per cent from 3.3per cent on Tuesday, according to CME Group's FedWatch tool. The dollar was down 0.4per cent at 108.03 yen, forced off a six-week high of 108.990 the previous day. It was still some distance from a six-month trough of 106.780 set on June 25. The euro nudged up 0.23per cent to US$1.1275.

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