Major global stock markets and Wall Street futures advanced Wednesday as traders prepared for a possible sharp interest rate hike by the Federal Reserve to cool surging inflation.
The Fed on Wednesday is expected to announce an increase of up to three-quarters of a percentage point in its benchmark interest rate, triple its usual margin. Investors worry such aggressive action by the Fed and other central banks in Europe and Asia to control inflation that is at multi-decade highs might derail global economic growth.
In early trading, the FTSE 100 in London rose 0.5% to 7,345.81. The DAX in Frankfurt rose 0.3% to 13,136.88 and the CAC 40 in Paris advanced 0.3% to 6,230.48.&P 500 index was up 0.9% and that for the Dow Jones Industrial Average added 0.4%.&P 500 fell 1.2% after Walmart warned inflation that has spiked to a four-decade high of 9.1% hurts American consumer spending.In Asia, the Shanghai Composite Index lost less than 0.1% to 3,275.76 while Tokyo's Nikkei 225 advanced 0.2% to 27,715.
On Wall Street, other major retailers also fell Tuesday following Walmart's profit warning. Target dropped 3.6%, Macy's slid 7.2% and Kohl's fell 9.1%.
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