Stock market today: World shares rise ahead of Fed's decision on interest rates

BANGKOK — World shares were mostly higher Wednesday ahead of a decision by the Federal Reserve on interest rates and an update on prices paid by American consumers.In London, the FTSE 100 was up 0.7% at 8,203.27.In Asian trading, Tokyo’s Nikkei 225 index lost 0.7% to 38,876.71.

Elsewhere in Asia, Hong Kong's Hang Seng index sank 1.3% to 17,947.88, while the Shanghai Composite index rebounded, gaining 0.3% to 3,037.47.Gains in technology shares pushed prices higher in South Korea, where the Kospi rose 0.8% to 2,728.17, and in Taiwan, whose Taiex jumped 1.2%. Wall Street expects the government’s consumer price index to remain unchanged at 3.4% in May. Inflation as measured by CPI is down sharply from its peak at 9.1% in 2022, but it has seemingly stalled around 3%. That has complicated the Fed’s goal of taming inflation back to its target rate of 2%.

The economy has remained resilient with support from a strong jobs market and consumer spending. Consumers are becoming increasingly stressed, especially those with lower incomes, and retailers have been warning investors about the potential impact to earnings and revenue. The U.S. jobs market has been showing some signs of cooling, which could ease inflation but put more stress on consumers.

-- European stocks rebounded after days of political upheaval in France, with traders positioning for the potential disruption from US inflation data landing just hours ahead of Federal Reserve’s interest rate decision.

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