Stocks boosted by U.S. rate relief; dollar elbows yen lower

LONDON, May 7 - Global shares traded around one-month highs on Tuesday, boosted by renewed confidence in U.S. interest rate cuts, while a weaker yen and small dip in the Australian dollar kept the dollar steady.

On Tuesday, U.S. futures , pointed to a steady start later on, while stocks in Europe caught a bid from the banks, where UBS , opens new tab shares soared by 10% after beating expectations, sending the STOXX 600 , opens new tab up 0.7%."We remain in the camp that the right question is not whether we will get one or two rate cuts from the Fed this year," Jefferies strategist Mohit Kumar said.

Futures show traders believe U.S. rates will drop by around 45 basis points this year, from 5.25-5.50% right now. This time last week, just 28 bps were priced in. Demand will be tested at a $58 billion three-year note auction on Tuesday, which is followed by $42 billion in 10-year sales on Wednesday and $25 billion of 30-year sales on Thursday.

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