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

Asian stock markets are mostly higher ahead of a U.S. inflation update and a Federal Reserve decision on another possible interest rate hike. Shanghai declined while Tokyo and Hong Kong advanced. Oil prices rebounded. Wall Street’s benchmark S&P 500 index rose 0.9% to a 14-month high ahead of the latest U.S. inflation figure Tuesday. Forecasters expect it 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 skips another rate increase when its monthly board meeting ends Wednesday. Central banks in Europe and Japan also are due to meet this week to discuss possible rate hikes.