(Updates at 1000 GMT)

By Kevin Buckland and Alun John

TOKYO/LONDON, Nov 7 (Reuters) -

World stocks gained on Thursday after a record rise for U.S.

shares overnight, and U.S. Treasuries remained under pressure as

investors processed a second Donald Trump presidency, ahead of

policy decisions from the Fed and other major central banks.

Europe's broad STOXX 600 index was last up 0.5%

after Asian shares had gained earlier in the day, with even

onshore Chinese blue chips rising 3% as investor

optimism over potential stimulus outweighed concerns about

worsening trade tensions.

U.S. stock futures pointed higher after all three major Wall

Street indexes surged to all-time peaks on Wednesday on the

possibility of a Republican sweep that could quickly usher in

big fiscal spending.

Stocks are "rewarding the presumed likelihood of corporate

tax cuts and perceiving a general penchant toward deregulation

across industries as positive for earnings," said Naomi Fink,

chief global strategist at Nikko Asset Management.

"On the other hand, bond markets have responded

unfavourably, with yields rising on the prospect of a united

front between executive and legislative arms of government with

respect to fiscal expansion."

"This comes at a time when US debt-to-GDP is already at

historic highs near 120% and budget deficits already exceed 6%

of GDP," she said.

The benchmark 10 year yield was last 4.42%, flat on the day,

after a 13 basis point rise Wednesday, and the

30-year yield was last 4.61%, a touch higher after the previous

day's 15 bp jump.

That helped lift the dollar to its biggest one-day gain

in more than two years on Wednesday, although the currency eased

back slightly on Thursday, and was down 0.3% against a basket of

its peers.

The euro was up 0.3% at $1.0762, after

Wednesday's 1.8% fall, also not helped by political turmoil in

Germany where Chancellor Olaf Scholz sacked his Finance Minister

Christian Lindner, causing the ruling three-party coalition to

collapse and setting the stage for a snap election early next

year.

CENTRAL BANKS

The day's main scheduled macro economic event is the

Federal Reserve meeting later in the day. Markets were

still confident of a 25 basis-point cut on Thursday,

but slightly reduced bets on further easing in December.

Longer term, Trump's proposed tariffs and immigration

policies risk stoking inflation, potentially hampering the path

to lower rates.

Before that is the Bank of England. It too is likely to cut

interest rates by a quarter point on Thursday for only the

second time since 2020, but the big question for investors is

whether the BoE sends a signal about its subsequent moves after

the government's inflation-raising budget.

Sterling rose 0.3% to $1.2915, following a 1.24%

slide on Wednesday.

Central banks in Norway and Sweden also met Thursday, though

they met markets expectations and did little to disrupt currency

markets. The Norges Bank at the hawkish end of the developed

market spectrum kept rates unchanged at a 16-year high, and the

Riksbank cut by 50 bps.

Bitcoin caught its breath on Thursday, easing 1.3% to

$74,990, following its vault to a record high $76,499.99

overnight. Trump had vowed to make the United States "the crypto

capital of the planet".

Gold remained under pressure following Wednesday's

more than 3% tumble at $2,662 an ounce. However, that was still

not far from its recent record high of $2,790.15.

Crude also succumbed to dollar strength on Wednesday, but

stemmed losses Thursday supported by risks to oil supply from a

Trump presidency and a hurricane building in the Gulf Coast.

Brent crude oil futures fell 0.35% to $74.66 per

barrel. U.S. West Texas Intermediate (WTI) crude shed

0.6% to $71.25.