Asian share markets rallied on Thursday and the dollar was weaker after most U.S stocks edged higher and the S&P 500 recorded its longest winning streak in two years, with investors on high alert for signs that global interest rates have peaked.

Oil prices rose on Thursday, recovering from near four-month lows as markets remained on edge over a slowdown in global crude demand, especially following weak signals from several major economies. 

The euro was near a 15-year high on the yen and was firm against the dollar on Thursday, following hawkish remarks from European policymakers and the prospect of falling energy prices.

The euro zone's economy is likely to contract slightly or at best stagnate in the fourth quarter, ECB's vice president Luis de Guindos said on Tuesday.

UK consumer spending growth has slowed to 2.6% and 2.5% respectively in October, marking the lowest annual increase in over a year, according to recent data from Barclays and the British Retail Consortium (BRC). This deceleration is attributed to high inflation, which stood at 6.7% in September, and a series of interest rate hikes by the Bank of England.

 Japanese manufacturers' business confidence improved for the first time since August while service-sector mood rose for a second month, according to the Reuters Tankan poll, which also highlighted a challenging outlook amid a patchy economic recovery.