World stocks sail to highest levels in more than a year on rate cut hopes

World stocks rallied to their highest levels since late 2022 on Wednesday, with year-end optimism high on hopes that major central banks such as the U.S. Federal Reserve will start cutting interest rates early next year. U.S. stock futures were mostly flat a day after the S&P 500 touched its highest intraday level since January 2022. European shares firmed although trade was generally subdued given public holidays across the region on Monday and Tuesday. China's November industrial profits posted double-digit gains as overall manufacturing improved, data showed, but soft demand continued to constrain business growth expectations, emboldening calls for more…