World stock markets were little changed yesterday after policy meetings from major central banks in Europe, while some US shares were buoyed by news that the Republicans’ tax legislation could face final votes in Congress before year-end.

MSCI's gauge of stocks across the globe gained just 0.01 per cent.

Both the European Central Bank and Bank of England left interest rates unchanged, as expected. The ECB promised to hold rates low for an extended period and even maintained a pledge to provide more stimulus if needed.

The decisions come a day after a US Federal Reserve meeting where the central bank announced a widely expected interest rate hike, but left its rate outlook for the coming years unchanged.

Weakness in bank stocks contributed to a downbeat mood for equities in Europe, and the pan-European STOXX 600 index slipped 0.29 per cent.

The Fed’s less hawkish statements supported MSCI's broadest index of Asia-Pacific shares outside Japan, but its gains were pared to 0.14 per cent.

Wall Street was little changed, with some gain in technology and banking shares amid optimism on a vote on a Republican tax-code overhaul coming before year-end.

The Dow Jones Industrial Average rose 3.63 points, or 0.01 per cent, to 24,589.06, the S&P 500 lost 0.79 points, or 0.03 per cent, to 2,662.06 and the Nasdaq Composite added 7.11 points, or 0.1 per cent, to 6,882.91.

On Wednesday, Republicans in the Senate and the House reached a deal on final tax legislation that would slash the corporate tax rate to 21 per cent.

The euro fell 0.41 per cent after the ECB revised its growth forecasts upward while sticking with its pledge to provide stimulus if needed.

The dollar index, tracking the US dollar against a basket of major currencies, rose 0.27 per cent.

The Japanese yen strengthened 0.03 per cent versus the greenback at 112.53 per dollar, while sterling was at $1.3432, up 0.10 per cent on the day.