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Two-year Treasury yields hit 4-month low

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Euro zone sovereign bond yields fall

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Euro STOXX 600 adds 0.4%, German shares lead

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Dollar slides broadly; Gold hits 7-month high

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Global stocks up almost 9% in November

(Updates prices to 0844 GMT)

By Tom Wilson

LONDON, Nov 29 (Reuters) - Treasury yields and the dollar hit multi-month lows on Wednesday after a U.S. Federal Reserve official made fresh hints of interest rate cuts, while stocks gained ground on hopes of easing inflation.

Fed funds futures rallied on the remarks to price in more than hundred basis points (bps) of cuts in 2024 and a 40% chance they begin as soon as March. Two-year Treasury yields fell sharply and touched fresh lows in the Asia session.

The two-year yield hit its lowest since mid-July at 4.69% and the benchmark 10-year yield fell 6 bps to its lowest since September at 4.28%.

Euro zone sovereign bond yields also fell and markets increased bets on rate cuts after data from North Rhine-Westphalia, Germany's most populous state, supported expectations for a drop in German inflation.

The dollar index, which tracks the currency against six peers, hit its lowest since early August at 102.46.

The dollar fell 0.2% at 147.70 yen, having earlier traded at its lowest since mid-September. It touched a 3-1/2 month low at $1.1017 per euro.

Federal Reserve Governor Christopher Waller - an influential and previously hawkish voice at the U.S. central bank - told the American Enterprise Institute on Tuesday that rate cuts could begin in a matter of months, provided inflation keeps easing.

Waller's remark echoed earlier comments made by Fed Chair Jerome Powell.

"The U.S. remarks are instantly priced in," said Robert Alster, chief investment officer at Close Brothers Asset Management, adding that central banks in major economies across the world were starting to deliver "varying remarks" on inflation.

"The U.S. is dovish, the UK is neutral or on the fence, and the Europeans are to some extent quite hawkish."

European stocks

added 0.4%, with German shares rising 1% to touch a four-month high on the North Rhine-Westphalia data.

The MSCI world equity index, which tracks shares in 47 countries, was flat and on track for a gain of about 9% this month, which would be its best in three years.

Wall Street shares were set to open up 0.3%.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% on weakness in Hong Kong tech shares.

Currencies including sterling and the Australian dollar, as well as a host of Asian emerging market currencies, also made fresh multi-month peaks on the dollar.