A landmark deal to give global investors easier access to China's $3.9 trillion stock market helped lift world share markets to their highest level in more than a month yesterday.

Wall Street edged higher, taking major averages further into record territory as quarterly earnings season comes to a close.

In Russia, tough talk from President Vladimir Putin and a move by the central bank to abandon rules-based currency intervention sent the ruble soaring.

Chinese shares jumped 2.5 per cent and Hong Kong's Hang Seng index climbed almost one per cent overnight after the officials announced a November 17 start date for a long-awaited tie-up that will allow global investors to buy Chinese stocks from Hong Kong. Shares in those markets were the strongest among major world markets.

In currency trading, the high-flying dollar took a step back as some investors took a pause before pushing the dollar's gains further. The dollar index has risen 12 per cent since May in a rapid move in favor of the US currency.

“A continuation of profit-taking in the dollar index has largely dictated price action in currency markets, though we believe the pause experienced in the DXY is technical in nature versus deeper fundamental issues,” said Scott Smith, senior market analyst at Cambridge Mercantile Group in Calgary, Alberta.

The dollar index, which measures the greenback against a basket of six major currencies, was little changed at 87.754.

On Wall Street, the Dow Jones industrial average was up 24.13 points, or 0.14 per cent, at 17,598.06. The Standard & Poor's 500 Index was up 4.02 points, or 0.20 per cent, at 2,035.94. The Nasdaq Composite Index was up 8.68 points, or 0.19 per cent, at 4,641.21.

MSCI's All-World index, which spans 45 countries, rose 0.4 per cent to hit its highest level since late September. European shares were up 0.7 per cent.

There was no sign that recent volatility in Russia's ruble was about to let up. After dabbling with the idea last week, Russia's central bank formally abolished structured currency market interventions.

The move means it is likely to act more unpredic-tably, and probably force-fully, going forward. Shortly before the announcement, Putin had said there was no reason for the slide in the Russian currency.

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