Stock market today: Asian shares rise ahead of a US inflation update on hopes for easing rate hikes

Asian stock markets followed Wall Street higher Tuesday ahead of an update on U.S. consumer prices that traders hope will show inflation is easing, reducing the need for more interest rate hikes. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose. Wall Street’s benchmark S&P 500 index gained 0.2%. Traders looked ahead to Wednesday’s update on U.S. consumer prices for signs of whether the Federal Reserve might decide inflation has cooled enough following a year of interest rate hikes. They hope the U.S. central bank will decide no more are needed, though Fed officials suggest as many as two more increases are possible this year.