World stocks rally -

LONDON, Sept 23 (AFP): Stock markets rallied Thursday as the Federal Reserve moved closer to tapering its huge emergency stimulus.

Equities have won back ground from last week's sharp falls thanks also to easing concerns over troubled Chinese property giant Evergrande.

Stocks had tumbled over fears that the group could collapse, leading to possible contagion around the world.

Ratings agency Fitch on Thursday cut its growth forecast for China's economy this year, citing a slowdown in the country's colossal property sector.

But focus remained firmly on central banks, with the Bank of England keeping rates and stimulus measures in place at its own meeting Thursday.

It comes a day after the Fed said it expects to "soon" be ready to start unwinding stimulus put in place at the start of the pandemic via bond purchases-a key driver of the global economic and equity rebound.

London's stock market fell slightly, while the pound rose.

The dollar weakened on profit-taking.

In Asian stock market trading, Hong Kong closed up more than one percent, with Evergrande's share price surging by around one-quarter.

The positivity followed rallies overnight on Wall Street, where investors welcomed the Fed statement on tapering its vast bond-buying programme.

"The Fed has officially given notice that if the recovery continues as planned, a moderation in the pace of asset purchases can happen soon," said OANDA's Edward Moya.

He added that investors "can now completely price in a formal November taper announcement with a December start date".

Elsewhere Thursday, oil futures retreated after a two-day rally helped by higher demand expectations.