*GLOBAL STOCKS RALLY AS RATE HIKE ODDS PLUNGE ON INFLATION SLOWDOWN -
© Reuters. FILE PHOTO: An investor monitors share prices during morning trading inside a brokerage at the financial Central district in Hong Kong, China August 25, 2015. China's major stock indexes slumped more than 6 percent to 8-month lows in early trade on TuesdaLONDON - Global shares edged higher on Thursday as investors bet on the pace of interest rate hikes slowing after data pointed to inflation peaking, leaving the dollar struggling after its biggest fall in five months.
Figures on Wednesday showed that U.S. consumer prices were unchanged in July compared with June, a two-year rise in inflation stopped in its tracks by a drop in gasoline prices. Michael Hewson, chief markets analyst at CMC Markets, said peaking inflation could mean less aggressive interest rate hikes from the U.S. Federal Reserve when it meets in September. The Bank of England and European Central Bank also meet next month.
"If you look at the problems that are still playing out across Europe with supply chains and gas prices, all it means is that prices will settle at a much higher mean rather than going back to 2%," Hewson said.
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