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(Updates throughout with comment, refreshes prices at 0940 GMT)
By Amanda Cooper
LONDON, Nov 22 (Reuters) - Global shares hovered around three-month highs on Wednesday and the dollar found support as investors tempered some of their earlier enthusiasm about the prospect of the start of a series of U.S. interest rate cuts.
The MSCI All-World index fell 0.1%, down for a second day following the decline on Wall Street, after minutes from the Federal Reserve's most recent meeting offered little new insight into policymakers' thinking on rates.
Overnight, the S&P 500 snapped a five-session winning streak and fell 0.2%. Chipmaker Nvidia reported revenue well above Wall Street expectations after the market close, but shares fell 1.7% due to the company's downbeat China sales outlook.
Nasdaq futures fell 0.3% in European trading, while those on the S&P 500 were down just 0.1%. Volumes are likely to be light through the rest of the week because of Thursday's Thanksgiving holiday in the United States.
"We're just at that moment where the market is consolidating and particularly ahead of the Thanksgiving holiday, we wouldn't expect to see any big moves over the coming days," City Index market strategist Fiona Cincotta said.
The Fed minutes showed policymakers pledged to "proceed carefully" from here, which traders did not interpret as new information, and also contained no confirmation that policymakers had ruled out more rate hikes.
"They couldn't whisk that off the table completely. That would have created a rather larger market move," Cincotta said.
"That's where we are in the market – broadly speaking, it's supportive of stocks and broadly speaking, unsupportive for the U.S. dollar," she said.
The dollar index was up 0.25% on the day, rising for a second consecutive session, but is still on track for its worst monthly performance in a year, with a drop of 2.7%.
The MSCI global shares index, meanwhile, is up 8.2% in November, marking its biggest monthly rally since late 2020, and at its highest since mid-August.
Ten-year Treasury yields were marginally lower at 4.41%. They have fallen about 50 basis points since the Fed held rates steady early in the month.
Interest rate futures markets see almost no chance the Fed hikes again and price about 90 basis points of rate cuts through 2024, with a 30% chance they begin as soon as March.
"Since the (Fed) believes that a soft landing is in sight, it would be foolish to risk it by hiking further than necessary," said Rabobank's senior U.S. strategist Philip Marey.