European bourses are poised to keep the rally going ahead of the always important U.S. CPI data after comments from Fed Chair Jerome Powell reassured investors that the next move from the U.S. central bank was unlikely to be a hike. Powell called Tuesday's higher-than-expected producer price report 'mixed' rather than 'hot' because prior data was revised lower. Though Powell's comments largely restated those made at his press conference after the Fed's last meeting, it was enough for stocks to surge, with Asian shares at their highest in 15 months and Nasdaq closing at a record high.

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