INVESTOR anticipation of lower interest rates in the United States and Europe during November saw Morgan Stanley Capital International's World Index of 22 developed stock markets advance 3.3 per cent. Morgan's EAFE (Europe, Australasia, Far East) Index gained 2.6 per cent on monthly returns. Among the three regions in the index, the Far East market recorded a 5.1 per cent increase while the European Union inched up 0.4 per cent. The Morgan report, released yesterday, attributed the world stock market performance to slow economic growth in the US, Britain and Germany. 'The growth was proceeding . . . but at a slow enough pace and with such limited inflation that central banks were likely to reduce interest rates in the months or weeks ahead,' the report said. The report said a strong dollar had offset the gains in European stocks when measured in dollar terms. Gains of 4.2 per cent in the US, 0.3 per cent in Britain, and 0.1 per cent in Germany were recorded in dollar terms. In local currency terms, more pronounced gains of 3.5 per cent in Britain and 2.7 per cent in Germany were seen. Hong Kong experienced no gains or losses in the equity market, according to the report. The report said Mexico and Argentina, among the 24 emerging markets, experienced strong rallies on confidence in the peso and a 'strengthened outlook for government finances' was seen.