Stocks extend global rally

Asia and Europe extended a global equities rally Wednesday after another round of tepid US data reinforced expectations that the Federal Reserve will cut interest rates again next month.

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A report that US President Donald Trump’s top economic aide was the frontrunner to be the central bank's next boss added to the risk-on mood as investors rediscovered their mojo after a recent stutter.

Bets that officials will lower borrowing costs at their December meeting have surged this week after a number of key members of the policy board said they backed a third successive cut as fears about the labor market overshadowed still-high inflation.

And a fresh batch of reports on the world's top economy -- some delayed by the government shutdown -- provided fresh ammunition to those calling for more easing.

Payroll firm ADP said the four weeks to November 8 saw private employers shed an average 13,500 jobs per week, while official figures showed retail sales rose slower in September than August and less than expected.