A look at the day ahead in European and global markets from Tom Westbrook

An era has drawn to a close with the death of Charlie Munger, a month short of his 100th birthday.

The union of Munger and Warren Buffett is among the most successful in the history of business, transforming Berkshire Hathaway (NYSE:) into a multi-billion dollar conglomerate.

Often handy with a one-liner Munger summed up his fame in 2010: "I think part of the popularity of Berkshire Hathaway is that we look like people who have found a trick," he said.

"It's not brilliance. It's just avoiding stupidity."

Buffet noted "Charlie's inspiration (and) wisdom" in a statement.

Investors in Asia, meanwhile, took comments from erstwhile Federal Reserve hawk Christopher Waller as perhaps a signal of another era-shift, as he flagged that U.S. interest rates could be cut in the months ahead.

A rally in bonds and slide in the dollar that has run for weeks in the afterglow of a benign U.S. inflation report extended in Asia in the wake of Waller's remarks.

Two-year Treasury yields fell to a four-month low just below 4.70%. Ten-year Treasury yields hit a two-month low of 4.28%.

Interest rate futures price more than 100 basis points of cuts next year and a 40% chance they begin as soon a March.

The dollar's slide led to multi-month highs for the yen, euro, sterling and Swiss franc against the greenback and sent , in dollars, to its highest since May.

German inflation data and Eurozone confidence surveys are the next major economic calendar items for traders to watch.

In the Asia session Australian inflation came in below expectations, while New Zealand's central bank surprised investors with a warning that rate hikes may not be finished if price pressures do not ease.

China's stockmarkets also stood out.

With cheer that U.S. interest rates have peaked spreading across global markets, the MSCI index of world stocks is up 8.8% in November and heading for its largest monthly percentage gain in three years.

Chinese blue chips by contrast are down more than 2% this month and set for a fourth straight monthly drop. Hong Kong's is down 0.4% in November.

Key developments that could influence markets on Wednesday:

German and Spanish CPI, eurozone consumer confidence, Fed's beige book