Stock market today: Global markets higher ahead of US inflation, Fed rates decision

Global stock markets and Wall Street futures are higher ahead of a U.S. inflation update and a Federal Reserve decision on another possible interest rate hike. London and Paris opened higher. Shanghai, Tokyo and Hong Kong advanced. Oil prices rebounded. Forecasters expect U.S. government data to show inflation eased in May but still was double the Fed’s 2% target despite interest rate hikes to cool business activity. Traders hope the Fed will skip another rate increase at this week’s meeting. Central banks in Europe and Japan also are due to meet this week to discuss possible rate hikes.