Stocks hitch a ride higher with Nvidia; investors mull rate outlook

LONDON, May 23 - Global shares edged up on Thursday after results from AI poster-child Nvidia , opens new tab ignited a rally across tech stocks, although the prospect that interest rates could stay higher for longer than many had expected tempered some investor optimism.

The MSCI All-World index , opens new tab edged into positive territory, helped by a rally in European stocks, where technology shares outperformed the broader STOXX 600 , opens new tab, which rose 0.4%. "That's causing uncertainty from a policy point of view, but it's obviously also causing uncertainty from a market point of view."S&P 500 futures rose 0.6%, while Nasdaq futures gained 1%, thanks in part to the rally in Nvidia, which has already risen by 200% since this point last year.

Meanwhile, geopolitical tensions were not far from investors' minds as China's military started two days of"punishment" drills held in five areas around Taiwan just days after new Taiwan President Lai Ching-te took office. The pound , which hit two-month highs after data on Wednesday showed inflation in Britain slowing less than expected, was last up 0.1% at $1.2726. Investors have taken an axe to their bets that the Bank of England will cut rates next month, to around 10% from 50%.

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