LONDON—Global stocks traded around their highs for the year on Thursday as investors bet that the Federal Reserve was finally taming inflation and could end its rate hiking cycle as soon as this month.
U.S. data on Wednesday showed consumer prices rose modestly in June, registering the smallest annual increase in more than two years as the economy shifted into disinflation mode, helping to send oil prices higher.
But the prospect of an end to rising borrowing costs, in the United States at least, kept downward pressure on the dollar, which fell to its lowest in more than a year against the euro on Wednesday on the U.S. inflation news….