LONDONSINGAPORE, Feb 8 Reuters Shares globally jumped and most currencies rose against the dollar on Wednesday, as investors discerned a dovish tone in comments from Fed Chair Jerome Powell, though a policy tweak by the ECB meant European bonds sat out the rally.

MSCI39;s world share index rose 0.37, heading back towards the ninemonth high it hit in early February, and Europe39;s STOXX 600 index gained 0.85 to a fresh nine month peak.

Major benchmarks in France, Britain and Germany were all well into positive territory, after shares gained on Wall Street overnight and in Asia earlier in the day.

MSCI39;s broadest index of Asia Pacific shares outside Japan rose 0.76 though Japan39;s Nikkei failed to join in the rally after disappointing results from big tech names including Nintendo. 

In an eagerly awaited speech on Tuesday, the Federal Reserve39;s Powell reiterated that disinflation has begun but warned Friday39;s eyepopping jobs report showed why the battle against inflation will take quite a bit of time.

The data showed a surprising addition of 517,000 new jobs in January and stoked fears that the tight labour market may compel the Fed to remain hawkish, and investors were relieved that that Powell did not lean further into this argument in his speech.

The market is looking for a dovish message where it can almost regardless. Powell said effectively the terminal rate could be higher than the market expects, but the Nasdaq and SP500 were up, though I think…