Stocks creep higher as focus turns to U.S. inflation data

S&P 500 futures were flat, as were European futures . Easing oil prices have markets optimistic that headline inflation will steady or slow in the United States, and that this can reduce the need for future interest rate hikes.

"It's too early to be celebrating the end of inflation, as some market participants seem already to be doing," said ING economist Rob Carnell. Interest rate futures imply a 90% chance that the Federal Reserve lifts its benchmark interest rate by 75 basis points at next week's policy meeting - a position that is perhaps most vulnerable to a downside CPI surprise."The market-implied probability of a third 75 bp rate hike for September has increased noticeably in recent days," said NatWest Markets' U.S. rates strategist Jan Nevruzi.

"If officials do decide to go with another 75bp, more than our long-standing call for 50bp...we suspect policymakers emphasise how they are front-loading hikes."Asia data out on Tuesday offered a cloudy picture of regional economies. A 9% year-on-year jump in Japanese wholesale prices points to pressure on corporate margins, yet a slowdown in gains for August holds some hope of relief.

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